XVII Provisions and Contingent Liabilities
Provisions are recognized when the Company has a present
obligation (legal or constructive) as a result of a past event,
it is probable that the Company will be required to settle the
obligation and a reliable estimate can be made of the amount
of the obligation.
The amount recognized as a provision is the best estimate
of the consideration required to settle the present obligation
at the end of the reporting period, taking into account the
risks and uncertainties surrounding the obligation. When
a provision is measured using the cash flows estimated
to settle the present obligation, its carrying amount is the
present value of those cash flows (when the effect of the time
value of money is material).
Contingent liabilities are disclosed for:
(i) possible obligations which will be confirmed only by future
events not wholly within the control of the Company or
(ii) present obligations arising from past events where it is not
probable that an outflow of resources will be required to
settle the obligation or a reliable estimate of the amount of
the obligation cannot be made.
Commitments include the amount of purchase order (net of
advances) issued to parties for completion of assets.
Contingent Assets are not recognised in Financial Statements.
If an inflow of economic benefits has become probable,
contingent assets are disclosed.
Contingent Assets are assessed continually to ensure that
developments are appropriately reflected in the Financial
Statements. If it has become virtually certain that an inflow of
economic benefits will arise, the asset and the related income
are recognised in the Financial Statements of the period in
which the changes occurs.
Provisions, contingent liabilities, contingent assets and
commitments are reviewed at each Balance Sheet date.
XVIII Segment Reporting
The Chief Operational Decision Maker monitors the operating
results of its business segments separately for the purpose of
making decisions about resource allocation and performance
assessment. Segment performance is evaluated based on
profit or loss and is measured consistently with profit or loss
in the financial statements. The operating segments have
been identified on the basis of nature of product / services.
The Board of Directors of the Company has appointed the
Managing Director as the Chief Operating Decision Maker
(CODM) who is assessing the financial performance and
position of the Company and makes strategic decisions.
2b Use of Accounting Judgements, Assumptions and
Estimates
In the application of the Company's accounting policies,
management of the Company is required to make judgements,
estimates and assumptions about the carrying amounts
of assets and liabilities that are not readily apparent from
other sources. The estimates and associated assumptions
are based on historical experience and other factors that
are considered to be relevant. Actual results may differ from
these estimates. The estimates and underlying assumptions
are reviewed on an ongoing basis. Revisions to accounting
estimates are recognized in the period in which the estimate is
revised if the revision affects only that period, or in the period
of the revision and future periods if the revision affects both
current and future periods. Detailed information about each
of these estimates and judgements is included in relevant
notes together with information about the basis of calculation
for each affected line item in the financial statements.
Following are the key areas of judgements, assumptions
and estimates which have significant effect on the amounts
recognized in the financial statements:
a. Estimation of Net Realisable Value (NRV) for inventory
(Refer Note 2 (a) (VIII) and 11)
Inventory is stated at the lower of cost and net realizable
value (NRV).
NRV of completed or developed inventory is assessed by
reference to market conditions, prices and trends existing at
the reporting date and is determined by the company based
on comparable transactions observed /identified for similar
properties in the same geographical market serving the
same real estate segment.
NRV in respect of inventory under development is assessed
with reference to market prices and trends existing at the
reporting date for similar completed property, less the
estimated cost to complete construction and an estimate of
the time value of money to the date of completion.
Estimated cost to complete is reviewed at each year end by
considering cost escalation and overruns basis the progress
of the project.
b. Impairment of other Non-Financial Assets
The Company assesses at each reporting date whether
there is an indication that an asset may be impaired. If any
indication exists, or when annual impairment testing for
an asset is required, the Company estimates the asset's
recoverable amount. An asset's recoverable amount is the
higher of an asset's fair value less costs of disposal and its
value in use. When the carrying amount of an asset exceeds
its recoverable amount, the asset is considered impaired
and is written down to its recoverable amount. In assessing
value in use, the estimated future cash flows are discounted
to their present value using a pre-tax discount rate that
reflects current market assessment of the time value of
money and the risk specific to the asset. In determining fair
value less cost of disposal, recent market transactions are
taken into account. If no such transactions can be identified,
an appropriate valuation model is used. These calculations
are corroborated by valuation multiples or other available
fair value indicators.
c. Impairment of Financial Assets (Refer Note 2 (a) (VII), 7,
8, and 9)
The impairment provisions for financial assets are based on
assumptions about the risk of default and expected loss rates.
The Company uses judgement in making these assumptions
and selecting the inputs for impairment calculation, based on
Company's past history, existing market conditions as well
as forward looking estimates at the end of each reporting
period.
d. Useful life and residual value of Property, Plant and
Equipment and Investment Property (Refer Note 2 (a) (III),
2 (a) (IV) and 3 and 4)
Useful lives of Property, Plant and Equipment and Investment
Property are based on the life prescribed in Schedule II of
the Companies Act, 2013. In cases, where the useful lives
are different from that prescribed in Schedule II, they are
based on technical advice. Assumptions also need to be
made when the Company assesses whether an asset may
be capitalised and which components of the cost of the asset
may be capitalised.
e. Recognition and Measurement of Defined Benefit
Obligations (Refer Note 2 (a) (XI) and 39)
The obligation arising from defined benefit plan is determined
on the basis of actuarial assumptions. Key actuarial
assumptions include discount rate, expected return on plan
assets, trends in salary escalation and attrition rate. The
discount rate is determined by reference to market yields
at the end of the reporting period on government bonds.
The period to maturity of the underlying bonds correspond
to the probable maturity of the post employment benefit
obligations.
f. Fair Value Measurement of Financial Instruments (Refer
Note 2 (a) (VII) and 35)
When the fair values of the financial assets and liabilities
recorded in the Balance Sheet cannot be measured based
on the quoted market prices in active markets, their fair
value is measured using valuation technique. The inputs
to these models are taken from the observable market
wherever possible, but where this is not feasible, a review
of judgement is required in establishing fair values. Any
changes in assumptions could affect the fair value relating
to financial instruments.
2c Changes in Accounting Policies and Disclosures
New and Amended Standards
The Company applied for the first-time certain standards
and amendments, which are effective for annual periods
beginning on or after 1 April 2024. The Company has not
early adopted any standard, interpretation or amendment
that has been issued but is not yet effective.
The Ministry of Corporate Affairs has notified Companies
(Indian Accounting Standards) Amendment Rules, 2024 to
amend the following Ind AS which are effective for annual
periods beginning on or after 1st April 2024.
(i) Ind AS 117 Insurance Contracts
These amendments had no significant impact on the
accounting policies and disclosure made in the standalone
financial statements of the Company.
(ii) Amendments to Ind AS 116 Leases - Lease Liability in a
Sale and Leaseback
These amendments had no significant impact on the
accounting policies and disclosure made in the standalone
financial statements of the Company.
2d Recent Pronouncements
The Ministry of Corporate Affairs notifies new standard
or amendments to existing standards. There is no such
notification which would have been applicable from 1st April
2025.
G Risk Management Framework
The Company's Board of Directors has overall responsibility for the establishment and oversight of the Company's risk management
framework. The Board of Directors has established the Risk Management Committee, which is responsible for developing and
monitoring the Company's risk management policies. The Committee reports regularly to the Board of Directors on its activities.
The Company's risk management policies are established to identify and analyse the risks faced by the Company to set appropriate
risk limits and controls and to monitor risks and adherence to limits. Risk management policies and systems are reviewed
regularly to reflect changes in market conditions and the Company's activities. The Company through its training and management
standards and procedures aims to maintain a disciplined and constructive control environment in which all employees understand
their roles and obligations.
a Credit Risk
Credit risk is the risk of financial loss to the Company if a customer or counterparty to a financial instrument fails to meet
its contractual obligations, and arises principally from the Company's receivables from customers, loans and investment in
debt securities. Credit risk is managed through credit approvals, establishing credit limits and continuously monitoring the
creditworthiness of customers to which the Company grants credit terms in the normal course of business. The Company
establishes an allowance for doubtful debts and impairment that represents its estimate of incurred losses in respect of trade
and other receivables and investments and loans.
The Company's maximum exposure to credit risk is the carrying value of each class of financial assets.
(i) Trade and other receivables
Customer credit risk for realty sales is managed by entering into sale agreements in the case of sale of under-construction flats
/ premises which stipulate construction milestone based payments and interest clauses in case of delays and also by requiring
customers to pay the total agreed sale value before handover of possession of the premises / flats, thereby substantially
eliminating the Company's credit risk in this respect. In the case of sale of finished units, sale agreements are executed only upon
/ against full payment.
(iv) Cash & Cash Equivalents and other bank balances (including non current deposits with banks)
The Company held cash and bank balances with credit worthy banks of Rs. 5,809 Lakhs at 31st March 2025 (31st March 2024: Rs.
2,253 Lakhs). The credit risk on cash & cash equivalents and other bank balances is limited as the Company generally invests in
deposits with banks where credit risk is largely perceived to be extremely insignificant.
b Liquidity Risk
Liquidity risk is the risk that the Company will encounter difficulty in meeting the obligations associated with its financial liabilities
that are settled by delivering cash or another financial asset. The Company's approach to managing liquidity is to ensure, as far as
possible, that it will have sufficient liquidity to meet its liabilities when they are due, under both normal and stressed conditions,
without incurring unacceptable losses or risking damage to the Company's reputation.
Management monitors rolling forecasts of the Company's liquidity position on the basis of expected cash flows. The Company
manages its liquidity risk by preparing monthly cash flow projections to monitor liquidity requirements. In addition, the Company
projects cash flows and considering the level of liquid assets necessary to meet these, monitoring the Balance Sheet liquidity
ratios against internal and external regulatory requirements and maintaining debt financing plans.
(i) Exposure to Liquidity Risk
The following are the remaining contractual maturities of financial liabilities at the reporting date. The amounts are gross and
undiscounted, and include estimated interest payments and exclude the impact of netting agreements.
c) Market Risk
Market risk is the risk that changes in market prices such as foreign exchange rates, interest rates and equity prices will affect
the Company's income or the value of its holdings of financial instruments. Market risk is attributable to all market risk sensitive
financial instruments including foreign currency receivables and payables and long term debt. The Company is exposed to market
risk primarily related to interest rate risk and the market value of the investments.
d) Currency Risk
The functional currency of the Company is Indian Rupee. Currency risk is not material, as the Company does not have significant
exposure in foreign currency.
(i) Exposure to Currency Risk
The currency profile of Financial Assets and Financial Liabilities as at 31st March 2025 and 31st March 2024 is Nil.
(ii) Interest Rate Risk
Interest rate risk can be either fair value interest rate risk or cash flow interest rate risk. Fair value interest rate risk is the risk
of changes in fair values of fixed interest bearing investments because of fluctuations in the interest rates. Cash flow interest
rate risk is the risk that the future cash flows of floating interest bearing investments will fluctuate because of fluctuations in the
interest rates.
Exposure to interest rate risk
In order to optimize the Company's position with regards to interest income and interest expenses and to manage the interest rate
risk, treasury performs a comprehensive corporate interest rate risk management by balancing the proportion of fixed rate and
floating rate financial instruments in its total portfolio. According to the Company interest rate risk exposure is only for floating
rate borrowings. The interest rate profile of the Company's interest-bearing financial instruments as reported to the management
of the Company is as follows.
A) In respect of tax matters
(i) The Company is of the view that it has a good case with likelihood of liability / any loss arising out of these tax matters being
remote. Accordingly, pending settlement of the tax dispute, no adjustment has been made in the Standalone Financial Statements
for the year ended 31st March, 2025.
(ii) Contingent liability for Income Tax pertains to dispute towards non deduction of TDS on subvention interest.
(iii) Contingent liability for VAT demand pertains to demand arising on grounds of turnover computation, sub contractors deduction
and various other grounds. The Company has filed an appeal against the aforesaid order.
(iv) Contingent liability for service tax demand pertains to levy of service tax on transfer of development rights (TDR) and demand
on account of non reversal of CENVAT credit pertaining to exempt service of construction of public parking lot for Municipal
Corporation of Greater Mumbai (MCGM). The Company has filed reply to the show cause cum demand notices.
(v) Contingent Liability for GST pertains to Disallowance of ITC claimed in Trans 1 and excess ITC credit claimed by the Company for
which appeal has been filed.
B) In respect of other matters
i) Disputed claims pertain to litigations with respect of Projects of the Company filed by the customers on account of delayed
possession, poor quality of apartments and infrastructure, pending conveyance of property and various other matters. The
Company has gone into appeal in respect of these matters in various forums.
Notes:
1. Terms and Conditions of Transactions with related parties
a. Rent / Licence Fee Income:
Rent / Licence Fee Income earned from a related party based on mutual negotiation. The Company enters in to Rent / Licence
agreement with related party at an amount it expects to be entitled to in lieu of use of assets / entitlements duly supported by
benchmarking study. The receivable outstanding balance of rent / licence fee income are unsecured and require settlement in cash.
No guarantee or other security has been received against these receivables.
b. Advance against sale of Realty Stock:
Advance against for sale of Realty Stock is received from related parties basis terms agreed at the time of booking of flats / plots. The
terms of booking are comparable to third party bookings and are carried out at arm's length post considering prevalent schemes,
if any. The demands raised for advance against sale of Realty Stock are required to be settled in cash.
c. Project Management Consultancy Fees (PMC):
The Company has entered into PMC agreement with a related party. The terms of PMC fees are mutually agreed and negotiated
basis the time and efforts involved in providing these services. The invoices raised for PMC fees are payable within a credit period
of 30 days and are unsecured. No guarantee or other security has been received against these receivables.
d. Fees for Business Support and Brand Management Fees:
The Company is paying Business Support and Brand Management fees to a related party basis agreement mutually agreed and
negotiated. The Fees are payable at an agreed percentage of Revenue as per benchmarking study conducted. The amounts are
payable within 30 days of raising of invoice.
e. Receiving of Services:
The Company receives services (Professional and other services) from related parties on the same terms as applicable to third
parties in an arm's length transaction and in the ordinary course of business. Trade payable outstanding balances are unsecured
and require settlement in cash.
f. Donation given:
Donations are paid to a foundation in which Key Management Personnel has significant influence. These are paid for CSR activities
carried out by this foundation basis the CSR obligations of the Company. The foundation utilises these amounts for the defined CSR
purposes.
g. Loans given to Related Parties:
The Company has granted loans for infrastructure purposes to its subsidiary companies and joint ventures. The loans granted to
subsidiary companies are interest free considering the furtherance of the business objectives of the Company. The loans granted to
joint venture are interest bearing basis the comparable benchmark rate on the date of granting. The loans granted to subsidiaries
and joint ventures are repayable on demand. The impairment of loans is disclosed in related party disclosure.
h. Loans taken from Related Parties:
Loans were taken from subsidiary Companies for funding requirements. These loans were repaid during the year and were interest
free.
i. Reimbursement of Expenses:
Reimbursement expenses are incurred and recovered/paid without markup basis the actual amount incurred. The reimbursement
of expenses is for routine expenses paid on behalf of other related parties.
j. Issue of Equity Shares:
The Company has allotted equity shares to a Related party on private placement basis. The consideration for issue of shares is
determined in compliance with SEBI (ICDR) Regulation 2018. The amounts are received as per the terms of issue and are utilised
basis the purpose of issue.
k. Investment in Non-Convertible Debentures (NCD):
The Company has made investment in a joint venture entity by way of NCD. These debentures are redeemable at par at the end
of the term of 18 months. The Joint venture entity has utilised the funds invested as per the joint venture agreement entered with
other parties of the joint venture.
l. Redemption of Debentures:
The Company has invested into Debentures of subsidiary Companies. These debentures are redeemed basis the terms of redemption.
There is no redemption of debentures during the current year.
m. Security/Guarantee provided for Subsidiaries:
The Company in past had provided security/Guarantee to the lender of Subsidiary Companies. The Borrowings of the subsidiary
Companies were fully repaid in earlier years and hence the security/guarantee by the Company are released in earlier years.
n. Remuneration to Key Management personnel (KMP):
The remuneration paid to KMP are recognised as an expense during the financial year The amounts do not include expense, if
any, recognised toward post-employment benefits and other long-term benefits of key managerial personnel. Such expenses are
measured based on an actuarial valuation done for Company as a whole. Hence, amounts attributable to KMPs are not separately
determinable. Generally, non-executive directors do not receive any gratuity or post-employment benefits from the Company. During
the year ended 31 March 2025, an amount of Rs. 11 Lakhs were incurred towards sitting fees of non-independent directors (31 March
2024: Rs. 15 Lakhs).
2. As the future liabilities for gratuity and leave encashment are provided on actuarial valuation basis for the Company, the amount
pertaining to individual is not ascertainable and therefore not included above.
3. On 29th May 2025, the Company has appointed Ms Pooja Sutradhar as Company Secretary. Mr Mukesh Gupta was Company
Secretary till 10th April 2025.
41 LEASES
a Assets taken on Operating Lease:
The Company has lease contracts for rental property used in its operations. Leases of rental property have lease terms of 5
years which includes non-cancellable period of 4 years and 6 months. The Company obligations under its leases are secured by
the lessor's title to the leased assets.
* Basis signed agreement
Total lease rental income recognised in the financial statement is Rs. 4,310 Lakhs (31st March, 2024 - Rs. 3,898 Lakhs).
42 EARNINGS PER SHARE (EPS)
Basic earnings per share is calculated by dividing the net profit/(loss) for the year attributable to equity shareholders (after
deducting preference dividend and attributable taxes) by the weighted average number of equity shares outstanding during the
year.
Diluted earnings per share is calculated by dividing the net profit / loss attributable for the year to equity shareholders (after
adjusting for dividend on the preference shares) by the weighted average number of equity shares outstanding during the year
plus the weighted average number of equity shares that would be issued on conversion of all the dilutive potential equity shares
into equity shares.
47 CAPITAL MANAGEMENT
The Company's policy is to maintain a strong capital base so as to maintain investor, creditor and market confidence and to sustain
future development of the business. Management monitors the return on capital as well as the level of dividends to ordinary
shareholders.
The Company manages its capital structure and makes adjustments in light of changes in economic conditions and the requirements
of the financial covenants. The Board of Directors seeks to maintain a balance between the higher returns that might be possible
with higher levels of borrowings and the advantages and security afforded by a sound capital position. The Management expects
the debt equity ratio to be less than 5 times.
The Company monitors capital using a ratio of 'adjusted net debt' to 'adjusted equity' (gearing ratio). For this purpose, adjusted
net debt is defined as total liabilities, comprising interest-bearing loans and borrowings less cash and cash equivalents.
The Company was previously including employee related payables under Trade Payables. However, based on review of commonly
prevailing practices and to align with presentation used, the Management considered disclosure under other financial liabilities to be
more relevant. Accordingly, the figures as at 31st March, 2024 are reclassified. The Management believes that the reclassification does
not have any material impact on information presented in the Balance Sheet.
52 SEGMENT REPORTING
Based on the "Management Approach" as defined in Ind AS 108 - Operating Segments, the Chief Operating Decision Maker (CODM)
evaluates the Company's performance and allocates resources based on an analysis of various performance indicators of business,
the segments in which the Company operates. The Company is primarily engaged in the business of real estate development
in India which the Management and CODM recognise as the sole business segment. Hence other disclosure of segment wise
information is not required and accordingly not provided.
Income capitalisation method is based on the principle that the capital value of any property is directly related to the income.
Therefore, if the net rental income of the property is known then the capital value can be determined. In this method, capital
value is estimated by capitalizing the net rental income by an appropriate capitalization rate (capitalization rate or cap rate is a
measure of the ratio between the net rental income produced by the ratio between the net rental income produced by the real
estate property and its capital value). Net rental income is arrived by taking the base of the rental rate of comparable properties.
The net rental income arrived at a suitable capitalization rate based on type of property, prevailing trends and professional
judgment and opinion to estimate the capital value for the specific property.
54 EXCEPTIONAL ITEMS
The Company has recorded Exceptional Items during the year ended 31st March 2025 amounting to Rs. -652 Lakhs (Rs. 1,721 Lakhs
during the year ended 31st March 2024) and it comprises of :
Formula for Computing financial Ratios
1. Current Ratio= Current Assets / Current Liability
2. Debt Equity Ratio= Total Debt including interest accrued/Total Equity
3. Debt Service coverage ratio= Net profit/loss before Tax Finance cost Depreciation and amortisation/Total long term borrowings
repaid during the year Finance cost
4. Return on Equity Ratio= Net profit/loss after Tax /Average shareholders equity fund
5. Inventory Turnover Ratio= COGS /Average Inventory
6. Trade Receivable turnover ratio=Revenue/Average trade receivable
7. Trade Payable Turnover Ratio=Realty cost incurred Other expenses/Average trade payable
8. Net Capital Turnover Ratio=Turnover/net working capital
9. Net Profit Ratio=Net profit/losses after tax/Turnover
10. Return on Capital Employed Ratio= Earning before interest and taxes/(Average equity Averge borrowing)
11. Return on Investments= Interest on loans Gain on redemtion of investments Dividend Income /(Average Investment Average
Loans)
56 During the current year, the Company has issued and allotted by way of a preferential issue 2,65,48,672 fully paid up Unlisted,
Unsecured Optionally Convertible Debentures (OCDs) of face value of Rs. 56.50/- each, amounting to Rs 15,000 Lakhs. The holder
has an option to convert the OCDs into fully paid up equity shares of face value Rs 2/- of the Company at any time within a period
of 18 (Eighteen) months from the date of allotment at conversion price of Rs 56.50/-.
Out of the above,consideration received for 1,99,11,504 fully paid up Unlisted, Unsecured OCDs amounting to Rs. 11,250 Lakhs is
invested in to joint venture Harborpeak Real Estate Private Limited by way of Non Convertible Debentures as per the terms of
the OCD subscription agreement entered with the investors.
Balance portion of Optionally Convertible Debentures of Rs. 3,750 Lakhs is classified as compound financial instrument and equity
portion of Rs. 586 Lakhs is disclosed under other Equity.
57 During the current year, Company has converted 1,53,00,000 warrants issued on preferential basis upon receipt of balance
amount of Rs 1,607 Lakhs being 75% of the warrants consideration. Warrants are converted into equity shares in the ratio of 1:1.
58 CORPORATE SOCIAL RESPONSIBILITY EXPENDITURE (CSR)
Disclosure as required under Section 135 of Companies Act, 2013, read with Companies (Corporate Social Responsibility Policy)
Rules, 2014 are as under:
a. Gross amount required to be spent by the Company during the year Rs. 35 lakhs (31st March 2024 - Nil)
b. CSR expenditure incurred during the year
The Company undertakes its Corporate Social Responsibility (CSR) activities through Urvi Ashok Piramal Foundation. The foundation
operates in areas of health, vocational skill training, environment and education. The Company has contributed Rs. 35 lakhs (31st
March 2024 - Rs. Nil) to the foundation for undertaking CSR activities as defined under CSR rules.
59 The Code on Social Security 2020 has been notified in the Official Gazette on 29th September, 2020. The effective date from which
the changes are applicable is yet to be notified and the rules are yet to be framed. Impact if any of the change will be assessed
and accounted in the period in which said Code becomes effective and the rules framed thereunder are notified.
60 OTHER STATUTORY INFORMATION
Additional Regulatory Information/disclosures as required by General Instructions to Division II of Schedule III to the Companies
Act, 2013 are furnished to the extent applicable to the Company.
a. The Company do not have any Benami property, where any proceeding has been initiated or pending against the Company for
holding any Benami property.
b. The Company do not have any charges or satisfaction which is yet to be registered with ROC beyond the statutory period.
c. The Company have not traded or invested in Crypto currency or Virtual Currency during the financial year.
d. The Company have not advanced or loaned or invested funds to any other person(s) or entity(ies), including foreign entities
(Intermediaries) with the understanding that the Intermediary shall:
(i) directly or indirectly lend or invest in other persons or entities identified in any manner whatsoever by or on behalf of the
company (Ultimate Beneficiaries) or
(ii) provide any guarantee, security or the like to or on behalf of the Ultimate Beneficiaries
e. Other than as disclosed in Note no 56, the Company have not received any fund from any person(s) or entity(ies), including foreign
entities (Funding Party) with the understanding (whether recorded in writing or otherwise) that the Company shall:
(i) directly or indirectly lend or invest in other persons or entities identified in any manner whatsoever by or on behalf of the
Funding Party (Ultimate Beneficiaries) or
(ii) provide any guarantee, security or the like on behalf of the Ultimate Beneficiaries
f. The Company does not have any such transaction which is not recorded in the books of accounts that has been surrendered
or disclosed as income during the year in the tax assessments under the Income Tax Act, 1961 (such as, search or survey or any
other relevant provisions of the Income Tax Act, 1961)
g. The Company has not been declared wilful defaulter by any banks / Financial Institution.
61 Revenue from operations and profits for the previous year includes Rs.1,928 Lakhs from sale of residual area of a project,
completed in earlier years, recognised pursuant to transfer of control in accordance with Ind-AS 115.
62 STANDARD NOTIFIED BUT NOT YET EFFECTIVE
There are no new standards that are notified, but not yet effective, upto the date of issuance of the Company's financial statements.
63 The Company has balance with the below mentioned companies struck off under Section 248 of the Companies Act 2013:
accounting software where the audit trail has been enabled. Additionally, the audit trail of prior years has been preserved by
the Company as per the statutory requirements for record retention to the extent it was enabled and recorded in the respective
years.
The Company has used software for maintaining and processing of Payroll data, however, the feature of audit trail (edit log)
facility is not enabled.
65 The Company has availed working capital facilities from Banks / Financial Institutions which are secured against rent receivables.
The Company is not required to submit any quarterly returns / statements to the banks in relation to these working capital
facilities.
66 There are no other significant events that would require adjustments or disclosures in the financial statements as at the Balance
Sheet date.
As per our report of even date For and on behalf of the Board of Directors of Peninsula Land Limited
For S R B C & CO LLP Sd/- Sd/- Sd/-
Chartered Accountants Urvi A. Piramal Rajeev A. Piramal Nandan A. Piramal
ICAI Firm registration number: Non Executive Chairperson Executive Vice Chairman & Whole Time Director
324982E/E300003 DIN 00044954 Managing Director DIN 00045003
Sd/- DIN 00044983
per Pramod Kumar Bapna Sd/- Sd/- Sd/- Sd/-
Partner Mahesh S Gupta Krupal R. Kanakia N. Gangadharan Pooja Sutradhar
Membership No.: 105497 Director Director Chief Financial Officer Company Secretary
Place: Mumbai DIN 00046810 DIN 08876715 Place: Mumbai
Date: 29th May 2025 Date: 29th May 2025
| 