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Notes to Accounts of Peninsula Land Ltd.

Mar 31, 2015

1. Terms /rights attached to Equity shares

The Company has only one class of equity shares having a par value of Rs. 2 per share. Each holder of equity share is entitled to one vote per share. All shares rank pari passu with regard to dividend and repayment of capital.

Board of Directors have recommended a dividend of Rs. 0.30 (P.Y. Rs. 0.40 ) per equity share 15% (P.Y. 20%) of Face value of equity share of Rs. 2).

2. Terms /rights attached to 5% Cumulative Redeemable Preference Shares:

The Company has issued only one class of Preference shares having par value of Rs 10 each and are redeemable on the expiry of ten years from the date of allotment,with an option for the Company for early redemption but not before 18 months from the date of allotment 25th January 2006.The preference shareholder do not have any voting right.

In the event of liquidation of the Company, the holders of equity shares will be entitled to receive any of the remaining assets of the Company in proportion to the number of equity shares held by the shareholders,after distribution of all preferential amounts.

3 Company Profile

The Company is primarily engaged in the business of real estate development. The core business activities are carried out under various business models like own development, through subsidiaries, associates, joint ventures and joint development and other arrangements with third parties. The company also earns income from the renting of properties held by it.

4 In the opinion of the Board, the current assets, loans and advances are approximately of the value stated if realised in the ordinary course of business. The provisions for all known liabilities are adequate.

5 Effective April 1,2014, pursuant to and in line with the requirements of Schedule II to the Companies Act, 2013, except in case of certain assets as disclosed in Accounting Policy on Depreciation, the company has reviewed and revised the useful lives of tangible fixed assets including their major components, with the help of relevant technical experts, and effected the following changes with respect to provision of depreciation:

(A) In respect of assets where the remaining useful life as on April 1, 2014, is 'Nil', their carrying amounts after retaining the residual value if any, aggregating Rs. 0.85 crores (net of tax effect of Rs. 0.44 crores), has been adjusted against the opening balance of retained earnings as on that date.

(B) In respect of all other assets, depreciation is provided under the Straight Line Method (SLM). Their carrying amounts as at April 1,2014, are depreciated over their remaining useful lives. Pursuant to this, the depreciation for the year is higher by Rs. 1.48 crores. There has also been a change of method of charging depreciation from Written Down Value (WDV) to Straight Line Method (SLM), in respect of certain assets. Hence, as required by Accounting Standard 6 on Depreciation Accounting, issued by the ICAI, the depreciation on such assets has been re-computed retrospectively and the resultant surplus as at April1 2014, of Rs. 9.86 crores has been credited to the statement of profit and loss for the year, as an exceptional item.

6 For the FY 2013-14, the Company had applied to the Central Government under section 309 (5B) of the Companies Act, 1956 for approval of remuneration paid to three executive directors in excess by Rs. 3.26 crores, of limits specified in section 309 read with section 198 of the Act due to inadequate profits for that year. Thereafter, pursuant to the directions from the Ministry of Corporate Affairs, the company has re-submitted the application duly supported with a Special Resolution of Shareholders approving (with more than 98% of the total votes polled) both the remuneration already paid for FY 2013-14 and proposed to be paid to these directors till the end of their respective tenure of appointment, which includes Rs. 4.54 crores paid in excess of the limits, prescribed under Section 197 (3 ) read with Schedule V of Companies Act, 2013, for FY 2014-15. These approvals are awaited and the Company shall recover such excess remuneration from the respective Directors during financial year 2015-16 in case of its non approval from the Central Government.

7 Commitments and Contingent Liabilities

(Rs. In Crores)

Particulars As At As At 31.03.2015 31.03.2014

a. Claims against the Company not acknowledged as debts in respect of i Disputed claims relating to certain projects 5.69 5.64

b. Shortfall undertaking given to Financial Institutions (for an associates) 120.00 120.00

8 Recognition of Income and Expenses for on-going projects are based upon actual sales value, estimated costs, Managements judgement of overall project profitability and work completion status. The work completion status is determined based on the actual costs incurred vis-a-vis the estimated cost of the project. The estimated costs of every project are reviewed periodically and revised whenever required. The consequential effect of such revision is considered in the year of revision and over the balance future period of the project.

9 Employee Stock Option Scheme (ESOS)

a During the year, the Company had granted NIL (Previous Year NIL) Employee Stock Options to the employees of the Company.

b The company had granted stock options to employees under the Employees Stock Option Scheme 2006 at grant price of Rs. 70/- (face value Rs. 2/-)

b Denned Benefit Plan:

i. Gratuity (Funded)

ii Leave Encashment (Non funded)

In terms of the Guidance Note on implementing the revised AS 15, issued by the Accounting Standards Board of the Institute of Chartered Accountants of India, the Gratuity Trust set up by the Company is

treated as defined benefit plan since the Company has to meet the shortfall, if any. However at the year end, no shortfall remains unprovided for.

Leave encashment is payable to eligible employees who have earned leaves, during the employment and / or separation as per the Company's policy.

Valuations in respect of Gratuity and Leave Encashment, as at the Balance Sheet date, are based on the following assumptions.

10 List of Related Parties and Transactions during the year.

I Controlling Entity

(i) Ashok Piramal Group Real Estate Trust

II Subsidiary Companies

(i) Peninsula Holdings and Investments Private Limited

(ii) Renato Finance and Investments Private Limited (ceased to be a subsidiary from 01/10/2014)

(iii) Peninsula Mega Properties Private Limited

(iv) Peninsula Crossroads Private Limited

(v) Pavurotti Real Estate Private Limited

(vi) Goodtime Real Estate Development Private Limited

(vii) Peninsula Mega Township Developers Limited

(viii) Flaxo Real Estate Private Limited (ceased to be subsidiary from 01/10/2014 and step down subsidiary till 31/07/2014)

III Step Down Subsidiary Companies

(i) Inox Mercantile Company Private Limited

(ii) Peninsula Facility Management Services Limited

(iii) Peninsula Investment Management Company Limited

(iv) Peninsula Pharma Research Centre Private Limited

(v) Peninsula Trustee Limited

(vi) Planetview Mercantile Company Private Limited

(vii) RR Real Estate Development Private Limited

(viii) Takenow Property Developers Private Limited

(ix) Peninsula Real Estate Management Private Limited

(x) Peninsula Integrated Land Developers Private Limited

(xi) Peninsula Mega City Development Private Limited

(xii) Midland Township Private Limited

(xiii) Sketch Real Estate Private Limited

(xiv) Hem Infrastructure and Property Developers Private Limited

(xv) City Parks Private Limited (merged with Peninsula Land Limited w.e.f. August 1,2013)

IV Enterprises over which Company exercise significant control (treated as subsidiaries for consolidation)

(i) Argento Real Estate LLP

(ii) Gorena Real Estate LLP

(iii) Maxis Real Estate LLP

(iv) Nebustar Real Estate LLP

(v) Regena Real Estate LLP

(vi) Eastgate Real Estate LLP

(vii) Westgate Real Estate Developers LLP

(viii) Peninsula GSG MHP Project - AOP (50% share)

V Associate Companies with whom the Company had transactions during the year

(i) JM Realty Management Private Limited

(ii) SEW Engineering (India) Private Limited

(iii) RA Realty Ventures LLP

VI Step Down Associates with whom the Company had transactions during the year

(i) HEM Bhattad AOP

VII Companies where Key Management Personnel /their relatives exercise significant influence

(i) Ashok Piramal Management Corporation Limited

(ii) Freedom Registry Limited

(iii) Morarjee Textiles Limited

(iv) Thundercloud Technologies (India) Private Limited

(v) Peninsula SA Realty Private Limited

(vi) Peninsula Townships Development Private Limited

(vii) Rockfirst Real Estate Limited

(viii) Ashok Piramal Mega City Development Private Limited

(ix) Ashok Piramal Mega Properties Private Limited

(x) Ashok Piramal Township Development Private Limited

(xi) Goldlife Mercantile Company Private Limited

(xii) Pune Football Club Limited

(xiii) Topvalue Brokers Private Limited

(xiv) CAMS Learning Private Limited

(xv) EDUSTAR Learning Private Limited

(xvi) Bridgepoint Learning Private Limited

(xvii) Piramal Land Private Limited

(xviii) Highway Concessions One Private Limited (Formerly known as Piramal Roads Infra Private Limited)

(xix) APG Infrastructure Private Limited

(xx) Cromwell Tools (I) Private Limited

(xxi) Miranda Few Tools Private Limited

(xxii) Miranda Ultra Tools Private Limited

(xxiii) PMP Auto Components Private Limited

(xxiv) Peninsula Brookfield Capital Advisors Limited

(xxv) Topvalue Real Estate Development Limited

(xxvi) Powerjet Carriers and Transporters Private Limited

(xxvii) Delta Corp Limited

VIII Joint Venture

(i) Bridgeview Real Estate Development LLP

(ii) Peninsula BrookfieldTrustee Private Limited (equity is held through wholly owned subsidiary)

(iii) Peninsula Brookfield Investment Managers Private Limited (equity is held through wholly owned subsidiary)

IX Enterprises where Key Management Personnel /their relatives exercise significant influence

(i) Ashok G. Piramal Trust

(ii) Peninsula Land Limited ESOP Trust

(iii) Urvi Ashok Piramal Foundation

(iv) Morarjee Goculdas Spinning and Weaving Company Limited Senior ESOP Trust

X Key Management Personnel

(i) Ms. Urvi A. Piramal - Executive Chairperson

(ii) Mr. Rajeev A. Piramal- Executive Vice Chairman & MD

(iii) Mr. Mahesh S. Gupta - Group Managing Director

(iv) Mr. Bharat S. Sanghavi - Chief Financial Officer

(v) Mr. Rajashekhar Reddy - Company Secretary

XI Relatives of Key Management Personnel

(i) Mr. Harshvardhan A. Piramal - Son of Executive Chairperson

(ii) Mr. Nandan A. Piramal - Son of Executive Chairperson

(iii) Mr. Jaydev Mody - Brother of Executive Chairperson

(iv) Ms. Sunita Gupta - Spouse of Group Managing Director

(v) Ms. Kalpana Singhania - Sister of Executive Chairperson

(vi) Mr Nishith Sanghavi - Son ofChief Financial Officer

XX Resources/Premises sharing with related parties Transactions involving resource/premise sharing with undermentioned related parties which are for non monetary consideration a Subsidiaries and Step Down Subsidiaries

(i) Peninsula Mega Properties Private Limited

(ii) Peninsula Holdings and Investments Private Limited

(iii) Renato Finance and Investments Private Limited (ceased to be a subsidiary from 01/10/2014)

(iv) Inox Mercantile Company Private Limited

(v) Peninsula Facility Management Services Limited

(vi) Peninsula Investment Management Company Limited

(vii) Peninsula Mega Township Developers Limited

(viii) Peninsula Pharma Research Centre Private Limited

(ix) Peninsula Trustee Limited

(x) Planetview Mercantile Company Private Limited

(xi) RR Mega Property Developers Private Limited

(xii) RR Real Estate Development Private Limited

(xiii) Takenow Property Developers Private Limited

(xiv) Peninsula Mega City Development Private Limited

(xv) Peninsula Real Estate Management Private Limited

(xvi) Peninsula Crossroads Private Limited

(xvii) Goodtime Real Estate Development Private Limited

(xviii) Flaxo Real Estate Private Limited (ceased to be a subsidiary from 01 /10/2014)

(xix) Peninsula Integrated Land Developers Private Limited

b Companies where Key Management Personnel /their relatives exercise significant influence

(i) Ashok Piramal Management Corporation Limited

(ii) Thundercloud Technologies (India) Private Limited

(iii) Peninsula SA Realty Private Limited

(iv) Peninsula Townships Development Private Limited

(v) Rockfirst Real Estate Limited

(vi) Ashok Piramal Mega City Development Private Limited

(vii) Ashok Piramal Mega Properties Private Limited

(viii) Ashok Piramal Township Development Private Limited

(ix) Goldlife Mercantile Company Private Limited

(x) Jammin Recreation Private Limited

(xi) Pune Football Club Limited

(xii) Topvalue Brokers Private Limited

(xiii) Peninsula Mega City Development Private Limited

(xiv) CAMS Learning Private Limited

(xv) EDUSTAR Learning Private Limited

(xvi) Bridgepoint Learning Private Limited

c Enterprises over which Company exercise significant control

(i) Argento Real Estate LLP

(ii) Gorena Real Estate LLP

(iii) Maxis Real Estate LLP

(iv) Nebustar Real Estate LLP

(v) Regena Real Estate LLP

(vi) Eastgate Real Estate Developers LLP

(vii) Westgate Real Estate Developers LLP

(viii) Peninsula GSG MHP Project - AOP (50% share) d Joint Venture

(i) Bridgeview Real Estate Development LLP

(ii) Peninsula Brook field Trustee Private Limited

(iii) Peninsula Brookfield Investment Managers Private Limited * Merged With PLL

11 Corporate Social Responsibility Expenditure

Disclosure as required under Section 135 of Companies Act, 2013, read with Companies (Corporate Social Responsibility Policy) Rules, 2014 are as under:

12 Segment Reporting

Since the financial statements contain both consolidated and standalone financials, segment reporting disclosure is provided in notes to consolidated financial statements.

13 MAT Credit Entitlement of Rs. 55.26 crores (Previous year Rs. 60.42 crores) is based on future performance of the Company as projected by the Management which has been relied upon by the Auditors.

14 Previous year figures have been regrouped / reclassified wherever necessary to conform to current year's classification.

15 The figures have been rounded offto two decimals in crores.

16 The Company is registeredwith Ministry of Corporate AffairsunderCIN L17120MH1871PLC000005


Mar 31, 2014

1 In the opinion of the Board, the current assets, loans and advances are approximately of the value stated if realised in the ordinary course of business. The provisions for all known liabilities are adequate.

2 The financial statements for the year ended March 31, 2014 have considered the effect of a Composite Scheme of Arrangement and Amalgamation u/s 391 to 394 of the Companies Act 1956 (Scheme), duly sanctioned by the High Court of Judicature at Mumbai vide its order dated 25th October 2013 and filed with the ROC on 7th November 2013 (Effective Date), whereby the company has taken over the real estate businesses of four of its wholly owned subsidiaries as under:

(a) Demerger of the real estate business undertaking of Peninsula Mega Township Developers Limited ("Demerged Undertaking") into the Company with effect from the appointed date of 1st of April 2013.

(b) Amalgamation of Wismore Real Estate Private Limited, R R Mega Property Developers Private Limited and City Parks Private Limited ("Amalgamating entities") with the Company with effect from the Appointed Dates of 1st April 2013, 1st April 2013 and 1st August 2013 respectively.

3 To the extent of the effect of the Scheme, the current year''s figures are not comparable with the previous year figures.

4 Pursuant to and as stipulated in the Scheme, the Company has, on appointed date, inter alia restated (in case of demerged undertaking) and recorded (in the case of amalgamating entities) the value of real estate work in progress in its books lower by Rs. 86.85 crores and Rs. 134.39 crores respectively, to comprise only cost of land and directly attributable operational costs of development activities. All other assets and liabilities are recorded at their respective book values. This along with other accounting effects of the Scheme aggregating to Rs. 92.98 crores (comprising of cancellation of investments of Rs. 72.60 crores, other merger related effects and expenses of Rs. 10.01 crores and provision for diminution in value of advances given to employee stock option trust of Rs. 10.37 crores) have been adjusted against the Capital Reserve - Rs. 1.85 crores and against the General Reserve - Rs. 230.24 crores (net of the tax effect thereon of Rs. 82.13 crores). The tax effect pertaining to the current year of Rs. 21.05 crores has been charged to P&L A/c as a part of tax expense and the remaining unadjusted tax effect of Rs. 61.08 crores is carried forward under other current assets. This is in compliance with the Announcement of ICAI relating to accounting for "Tax adjustments of expenses directly debited to Reserves".

5 Though mandated by the Scheme duly sanctioned by the Honorable High Court of Mumbai, the aforesaid accounting treatment of recording of real estate WIP of amalgamating entities at their defined value as aforesaid and the adjustment of the aforesaid amounts against Reserves instead of routing the same through Statement of Profit & Loss is not entirely in conformity with Accounting Standard AS-14 "Accounting for Amalgamations". Had the same been routed through profit and loss account, the profit would have been lower by Rs. 293.17 crores.

6 No shares have been alloted or any consideration paid pursuant to the scheme as the respective merging entities are wholly owned subsidiaries of the company.

7 Employee benefit expenses include Rs. 9.55 crores paid as the contracted remuneration to three executive directors in whole-time employment with the company, of which Rs. 3.26 crores is in excess of the limits specified in section 309 read with Section 198 of the Companies Act, 1956, which has resulted due to lower profit for the year. The Company had, during the year, applied to the Central Government under section 309 (5B) of the Act, for approval of such excess remuneration paid and the same is awaited.

8 Commitments and Contingent Liabilities (Rs. In Crores)

As At As At 31.03.2014 31.03.2013

a. Claims against the Company not acknowledged as debts in respect of

i Income tax demand under appeal (excluding contingent interest) - 3.58

(Comprising additions made during assessments disputed by the Company)

ii Others 5.64 -

b. Estimated amount of contracts remaining to be executed on capital account and not provided for - 5.70 (Net off Advances Rs. NIL previous year Rs. 8.00 crores)

9 Recognition of Income and Expenses for on-going projects are based upon actual sales value, estimated costs, Managements judgement of overall project profitability and work completion status. The work completion status is determined based on the actual costs incurred vis-a-vis the estimated cost of the project. The estimated costs of every project are reviewed periodically and revised whenever required. The consequential effect of such revision is considered in the year of revision and in the balance future period of the project.

10 Employee Stock Option Scheme (ESOS)

a During the year, the Company had granted NIL (Previous Year NIL) Employee Stock Options to the employees of the Company.

b The company had granted stock options to employees under the Employees Stock Option Scheme 2006 at grant price of Rs. 70/- (face value Rs. 2/-)

11 Employee Benefit Plans

The Company has classified various benefit plans as under:

a Defined Contribution Plan

The Company has recognised the following amounts in Profit and Loss Account which are included under Contributions to Funds

b Defined Benefit Plan:

i. Gratuity (Funded)

ii Leave Encashment (Non funded)

In terms of the Guidance Note on implementing the revised AS 15, issued by the Accounting Standards Board of the Institute of Chartered Accountants of India, the Gratuity Trust set up by the Company is treated as defined benefit plan since the Company has to meet the shortfall, if any. However at the year end, no shortfall remains unprovided for.

Leave encashment is payable to eligible employees who have earned leaves, during the employment and / or separation as per the Company''s policy.

Valuations in respect of Gratuity and Leave Encashment, as at the Balance Sheet date, are based on the following assumptions.

12 Earnings Per Share (EPS)

In determining earnings per share, the Company considers the net profit after tax and includes the post tax effect of any extra - ordinary / exceptional items. The number of shares in computing basic earnings per share is the weighted average number of shares outstanding during the period. The number of shares used in computing diluted earnings per share comprises weighted average shares considered for deriving basic earnings per share, and also the weighted average number of equity shares that could have been issued on the conversion of all dilutive potential equity shares. The diluted potential equity shares are adjusted for the proceeds receivable, had the shares been actually issued at fair price (i.e. the average market value of outstanding shares). Statement showing the computation of EPS is as under:

13 The Micro, Small and Medium Enterprises Development Act, 2006

Company has sent letters to suppliers to confirm whether they are covered under Micro, Small and Medium Enterprises Development Act 2006 as well as they have filed required memorandum with the prescribed authorities. Out of the letters sent to the parties, some confirmations have been received till the date of finalisation of Balance Sheet. Based on the confirmations received, the outstanding amounts payable to suppliers covered under Micro, Small and Medium Enterprises Development Act 2006 are given below.

14 MAT Credit Entitlement of Rs. 60.42 crores (Previous year Rs. 50.09 crores) is based on future performance of the Company as projected by the Management which has been relied upon by the Auditors.

15 Previous year figures have been regrouped / reclassified wherever necessary to conform to current year''s classification.


Mar 31, 2013

1 In the opinion of the Board, the current assets, loans and advances are approximately of the value stated if realised in the ordinary course of business. The provisions for all known liabilities are adequate.

2 Commitments and Contingent Liabilities

(Rs. in Crores) - Particulars As At As At 31.03.2013 31.03.2012 a. Claims against the Company not acknowledged as debts in respect of

b Income tax demand under appeal (excluding contingent interest) 3.58 31.81

(Comprising additions made during assessments disputed by the Company)

b. Estimated amount of contracts remaining to be executed on capital account and not 5.70 8.70 provided for (Net off Advances Rs. 8.00 crores previous year Rs. 5.00 crores)

3 Recognition of Income and Expenses for on-going projects are based upon actual sales value, estimated costs, and work completion status as certified by architects, which being technical matters, are being relied upon by the auditors.. The estimated costs of every project are reviewed periodically and revised whenever required. The consequential effect of such revision is considered in the year of revision and in the balance future period of the project.

4 Employee Stock Option Scheme (ESOS) S

a During the year, the Company had granted NIL (Previous Year NIL ) Employee Stock Options to the employees of |. the Company. &

b The company had granted stock options to employees under the Employees Stock Option Scheme 2006 at grant o price of Rs. 70/- (face value Rs. 2/-) s

5 Employee Benefit Plans

The Company has classified various benefit plans as under:

a Defined Contribution Plan

The Company has recognised the following amounts in Profit and Loss Account which are included under Contributions to Funds

b Defined Benefit Plan:

i. Gratuity (Funded)

ii Leave Encashment (Non funded)

In terms of the Guidance Note on implementing the revised AS 15, issued by the Accounting Standards Board of the Institute of Chartered Accountants of India, the Gratuity Trust set up by the Company is treated as defined benefit plan since the Company has to meet the shortfall, if any. However at the year end, no shortfall remains unprovided for.

Leave encashment is payable to eligible employees who have earned leaves, during the employment and / or separation as per the Company''s policy.

Valuations in respect of Gratuity and Leave Encashment, as at the Balance Sheet date, are based on the following assumptions.

6 List of Related Parties and Transactions during the year.

I Controlling Entities

(i) Ashok Piramal Group Real Estate Trust

(ii) Morarjee Goculdas Spinning & Weaving Company Limited Senior ESOP Trust

II Subsidiary Companies

(i) Peninsula Mega Properties Private Limited

(ii) Peninsula Holdings and Investments Private Limited

(iii) Renato Finance and Investments Private Limited

(iv) Peninsula Crossroads Private Limited

III Step Down Subsidiary Companies

(i) City Parks Private Limited (Onestar Mercantile Company Private Limited merge with the Company during the year)

(ii) Goodtime Real Estate Development Private Limited

(iii) Inox Mercantile Company Private Limited

(iv) Peninsula Facility Management Services Limited

(v) Peninsula Investment Management Company Limited

(vi) Peninsula Mega City Development Private Limited

(vii) Peninsula Mega Township Developers Private Limited

(viii) Peninsula Pharma Research Centre Private Limited

(ix) Peninsula Real Estate Management Private Limited

(x) Peninsula Trustee Limited

(xi) Planetview Mercantile Company Private Limited

(xii) RR Mega Property Developers Private Limited

(xiii) RR Real Estate Development Private Limited

(xiv) Takenow Property Developers Private Limited

(xv) Hem Infrastructure and Development Private Limited

(xvi) Flaxo Real Estate Private Limited

(xvii)Wismore Real Estate Private Limited

(xviii) Pavurotti Finance and Investments Private Limited

(xix) Peninsula Integrated Land Developers Privated Limited

IV Associate Companies with whom the Company had transactions during the year

(i) JM Realty Management Private Limited

(ii) SEW Engineering (India) Private Limited

(iii) RA Realty Ventures Private Limited

V Key Management Personnel

(i) Ms. Urvi A. Piramal - Executive Chairperson

(ii) Mr. Rajeev A. Piramal - Vice Chairman & Managing Director

(iii) Mr. Mahesh S. Gupta - Group Managing Director

(iv) Mr. Rajesh Jaggi - Managing Director (upto October 31, 2012)

VI Relatives of Key Management Personnel

(i) Mr. Harshvardhan A. Piramal - Son of Executive Chairperson

(ii) Mr. Nandan A. Piramal - Son of Executive Chairperson

(iii) Mr. Jaydev Mody - Brother of Executive Chairperson

(iv) Ms. Sunita Gupta - Spouse of Group Managing Director

(v) Ms. Kalpana Singhania - Sister of Executive Chairperson

VII Companies where Key Management Personnel /their relatives exercise significant influence

(i) Ashok Piramal Management Corporation Limited

(ii) Freedom Registry Limited

(iii) Morarjee Textiles Limited

(iv) Thundercloud Technologies (India) Private Limited

(v) Peninsula SA Realty Private Limited

(vi) Peninsula Townships Development Private Limited

(vii) Delta Corp Limited

(viii) Rockfirst Real Estate Limited

(ix) Ashok Piramal Mega - City Development Private Limited

(x) Ashok Piramal Mega Properties Private Limited

(xi) Ashok Piramal Township Development Private Limited

(xii) Goldlife Mercantile Company Private Limited

(xiii) Jammin Recreation Private Limited

(xiv) Pune Football Club Limited

(xv) Topvalue Brokers Private Limited

(xvi) Integra Appareals & Textiles Limited, a division of Morarjee Textiles Limited

(xvii)CAMS Learning Private Limited

(xviii) EDUSTAR Learning Private Limited

(xix) Bridgepoint Learning Private Limited

(xx) Rockfield Trading Private Limited

(xxi) Red Rocket Entertainment Private Limited

(xxii)Piramal Land Private Limited

(xxiii) Piramal Roads Infra Private Limited

(xxiv) Antartica Trading Company Private Limited

(xxv)APG Infrastructure Private Limited

(xxvi) Cromwell Tools (I) Private Limited

(xxvii)Miranda Few Tools Private Limited

(xxviii)Miranda Ultra Tools Private Limited

(xxix)PMP Auto Components Private Limited

(xxx)Peninsula Sports Club Private Limited

VIII Joint Venture (Entire Equity is held through wholly owned subsidiary)

(i) Bridgeview Real Estate Development Private Limited

(ii) Peninsula Brookfield Trustee Private Limited

(iii) Peninsula Brookfield Investment Managers Private Limited

IX Enterprises where Key Management Personnel /their relatives exercise significant influence

(i) Ashok G. Piramal Trust

(ii) Peninsula Land Limited ESOP Trust

(iii) Urvi Ashok Piramal Foundation

X Enterprises over which Company exercise significant control

(i) Peninsula GSG MHP Project - AOP (50% share)

(ii) Argento Real Estate LLP

(iii) Gorena Real Estate LLP

(iv) Maxis Real Estate LLP

(v) Nebustar Real Estate LLP

(vi) Regena Real Estate LLP

(vii) Eastgate Real Estate LLP

(viii) Westgate Real Estate Developers LLP

7 Segment Reporting

Since the financial statements contain both consolidated and standalone financials, segment reporting disclosure is provided in notes to consolidated financial statements.

8 Previous year figures have been regrouped / reclassified wherever necessary to conform to current year''s classification.

9 The figures have been rounded off to two decimals in crores.


Mar 31, 2012

A Terms /rights attached to Equity shares

The Company has only one class of equity shares having a par value of Rs 2 per share. Each holder of equity share is entitled to one vote per share. All shares rank pari passu with regard to dividend .

Board of Director's have recommended a dividend of Rs 1.10 (P.Y. Rs1.70 ) per equity share (55%(P.Y. 85%) of Face value of equity share Rs 2 ) b Terms /rights attached to 5% Cumulative Redeemable Preference Shares :

The Company has only one class of Preference shares having par value of Rs 10 each

Preference shares are redeemable on the expiry of ten years from the date of allotment, with an option for the Company for early redemption but not before 18 months from the date of allotment 25th January 2006. The preference shareholder do not have any voting right.

1 In the opinion of the Board, the current assets, loans and advances are approximately of the value stated if realized in the ordinary course of business. The provisions for all known liabilities are adequate.

2 Commitments and Contingent Liabilities

(Rs in Crores) As at As at 31.03.2012 31.03.2011

a. Claims against the Company not acknowledged as debts in respect of

i Unsustainable income tax demand under appeal (excluding contingent 31.81 6.43 interest)

b. Estimated amount of contracts remaining to be executed on capital account 8.70 - and not provided for (Net off Advances Rs 5.00 Crores)

3 Recognition of Income and Expenses for ongoing projects are based upon actual sales value and estimated costs and work completion status as certified by architects, which being a technical matter, has been relied upon by the auditors.

* The above foreign currency exposure is hedged by way of forward contracts as well as arrangement with SPVs for reimbursement of losses due to foreign currency fluctuations.

4 Employee Stock Option Scheme (ESOS)

a During the year, the Company has granted NIL (Previous Year - 75000) Employee Stock Options to some employees of the Company.

b The company has granted stock options to employees under the Employees Stock Option Scheme at grant price of Rs 70/- (face value Rs 2/-)

5 Employee Benefit Plans

The Company has classified various benefit plans as under:

a Defined Contribution Plan

The Company has recognized the following amounts in Profit and Loss Account which are included under Contributions to Funds

b Defined Benefit Plan:

i. Gratuity (Funded)

ii Leave Encashment (Non funded)

In terms of the Guidance on implementing the revised AS 15, issued by the Accounting Standards Board of the Institute of Chartered Accountants of India, the Gratuity Trust set up by the Company is treated as defined benefit plan since the Company has to meet the shortfall, if any. However at the year end, no shortfall remains unprovoked for.

Leave encashment is payable to eligible employees who have earned leaves, during the employment and / or separation as per the Company's policy.

Valuations in respect of Gratuity and Leave Encashment, as at the Balance Sheet date, are based on the following assumptions.

6 List of Related Parties and Transactions during the year.

I Controlling Companies / Enterprises

(i) Ashok Piramal Group Real Estate Trust

(ii) Topstar Mercantile Private Limited (ceased wef 27th October 2010 by way of merger with Peninsula Land Limited)

II Subsidiary Companies

(i) Peninsula Mega Properties Private Limited

(ii) Peninsula Holdings and Investments Private Limited (formerly known as Boom Realty Private Limited)

(iii) Renato Finance and Investments Private Limited

(iv) Peninsula Crossroads Private Limited (Formerly known as L & T Crossroads Private Limited)

III Step Down Subsidiary Companies

(i) City Parks Private Limited

(ii) Goodtime Real Estate Development Private Limited

(iii) Inox Mercantile Company Private Limited

(iv) Peninsula Facility Management Services Limited (formerly known as Peninsula Facility Management Services Private Limited)

(v) Peninsula Investment Management Company Limited

(vi) Peninsula Mega City Development Private Limited

(vii) Peninsula Mega Township Developers Private Limited

(viii) Peninsula Pharma Research Centre Private Limited

(ix) Peninsula Real Estate Management Private Limited

(x) Peninsula Trustee Limited

(xi) Planetview Mercantile Company Private Limited

(xii) RR Mega Property Developers Private Limited

(xiii) RR Real Estate Development Private Limited

(xiv) Takenow Property Developers Private Limited

(xv) Hem Infrastructure and Property Developers Private Limited

(xvi) Flaxo Real Estate Private Limited

(xvii) Wismore Real Estate Private Limited

(xviii) Pavurotti Finance and Investments Private Limited

IV Associate Companies with whom the Company had transactions during the year

(i) JM Realty Management Private Limited

(ii) SEW Engineering (India) Private Limited

(iii) RA Realty Ventures Private Limited

(iv) Peninsula Integrated Land Developers Private Limited (formerly known as Peninsula Real Estate Management Services Private Limited)

V Companies where Key Management Personnel /their relatives exercise significant influence

(i) Ashok Piramal Management Corporation Limited

(ii) Freedom Registry Limited (formerly known as Amtrac Management Services Limited)

(iii) Morarjee Textiles Limited

(iv) Onestar Mercantile Company Private Limited

(v) Thundercloud Technologies (India) Private Limited

(vi) RR Mega City Builders Private Limited

(vii) Peninsula SA Realty Private Limited

(viii) Peninsula Townships Development Private Limited

(ix) Delta Corp Limited

(x) Rock first Real Estate Limited (formerly known as Rock first Real Estate Private Limited)

(xi) Ashok Piramal Mega City Development Private Limited

(xii) Ashok Piramal Mega Properties Private Limited

(xiii) Ashok Piramal Township Development Private Limited

(xiv) Goldlife Mercantile Company Private Limited

(xv) Jammin Recreation Private Limited

(xvi) Pune Football Club Limited

(xvii) Topvalue Brokers Private Limited

(xviii) Integra, a division of Morarjee Textiles Limited (Formerly known as Integra Apparels and Textiles Limited)

(xix) Truewin Realty Private Limited

(xx) Topvalue Real Estate Development Limited (Formerly known as Topvalue Real Estate Development Private Limited)

(xxi) CAMS Learning Private Limited

(xxii) EDUSTAR Learning Private Limited

(xxiii) Bridgepoint Learning Private Limited

(xxiv) Rockfield Trading Private Limited

(xxv) Red Rocket Entertainment Private Limited

(xxvi) Piramal Land Private Limited

(xxvii) Piramal Road Infra Private Limited

(xxviii) Antartica Trading Company Private Limited

(xxix) APG Infrastructure Private Limited

(xxx) Cromwell Tools (I) Private Limited

(xxxi) Miranda Few Tools Private Limited

(xxxii) Miranda Ultra Tools Private Limited

(xxxiii) Peninsula Brookfield Trustee Private Limited

(xxxiv) Peninsula Brookfield Investment Managers Private Limited

(xxxv) PMP Auto Components Private Limited

VI Joint Venture

(i) Bridgeview Real Estate Development Private Limited

VII Enterprises where Key Management Personnel /their relatives exercise significant influence

(i) Ashok G. Piramal Trust

(ii) Peninsula Land Limited ESOP Trust

(iii) Urvi Ashok Piramal Foundation

VIII Enterprises over which Company exercise significant control

(i) Peninsula GSG MHP Project - AOP (50% share)

(ii) Argento Real Estate LLP

(iii) Gorena Real Estate LLP

(iv) Maxis Real Estate LLP

(v) Nebustar Real Estate LLP

(vi) Regena Real Estate LLP

(vii) Eastgate Real Estate LLP

(viii) Westgate Real Estate Developers LLP

IX Key Management Personnel

(i) Ms. Urvi A. Piramal - Executive Chairperson

(ii) Mr. Rajeev A. Piramal- Executive Vice Chairman

(iii) Mr. Mahesh S. Gupta - Group Managing Director

(iv) Mr. Rajesh Jaggi - Managing Director

X Relatives of Key Management Personnel

(i) Mr. Harshvardhan A. Piramal - Son of Executive Chairperson

(ii) Mr. Nandan A. Piramal - Son of Executive Chairperson

(iii) Mr. Jaydev Mody - Brother of Executive Chairperson

(iv) Ms. Sunita Gupta - Spouse of Group Managing Director

(v) Ms. Kalpana Singhania - Sister of Executive Chairperson

Total lease rental cost recognized in the financial statement is Rs 1.23 Crores [Previous Year Rs 1.57 Crores]. This rental cost is inclusive of service tax.

General Terms of Lease Rentals:

a. Lease Rentals are charged on the basis of agreed terms.

b. Assets are taken on lease over a period of 4 to 5 years.

Total lease rental income recognized in the financial statement is Rs 22.59 Crores [Previous Year Rs 44.60 Crores]. General Terms of Lease Rentals:

a. Lease Rentals are given on the basis of agreed terms.

b. Assets are given on lease for a period up to 12 months.

c. The lease agreements can be renewed on mutually agreed terms with the lessee.

8 Earnings Per Share (EPS)

In determining earnings per share, the Company considers the net profit after tax and includes the post tax effect of any extra - ordinary / exceptional items. The number of shares in computing basic earnings per share is the weighted average number of shares outstanding during the period. The number of shares used in computing diluted earnings per share comprises weighted average shares considered for deriving basic earnings per share, and also the weighted average number of equity shares that could have been issued on the conversion of all dilutive potential equity shares. The diluted potential equity shares are adjusted for the proceeds receivable, had the shares been actually issued at fair price (ie the average market value of outstanding shares). Statement showing the computation of EPS is as under:

9 The Micro, Small and Medium Enterprises Development Act, 2006

Company has sent letters to suppliers to confirm whether they are covered under Micro, Small and Medium Enterprises Development Act 2006 as well as they have filed required memorandum with the prescribed authorities. Out of the letters sent to the parties, some confirmations have been received till the date of finalization of Balance Sheet. Based on the confirmations received, the details of outstanding are as under:

10 Segment Reporting

Since the financial statements contain both consolidated and standalone financials, segment reporting disclosure is provided in notes to consolidated financial statements.

11 Pursuant to a Scheme of Amalgamation ("the Scheme") under Sections 391 to 394 read with Section 100 to 103 of the Companies Act, 1956, sanctioned by the Honorable Bombay High Court vide Order dated 29th April, 2011 and filed with the Registrar of Companies (RoC) on 17th May, 2011 (Effective Date), Top star Mercantile Private Limited ('TMPL') has been amalgamated with the Company with effect from the Appointed Date of 27th October, 2010. Accordingly, all the assets and liabilities as appearing in the books of TMPL as on the Appointed Date have been recorded by the Company at the respective book values under the purchase method in line with Indian Accounting Standard AS-14. The equity shares held by TMPL in the Company have been cancelled and the Company has issued and allotted an equivalent number of equity shares (i.e. 11, 68, 82,052 equity shares of Rs 2 each) to the shareholders of TMPL as on the Effective Date. As provided in the said Scheme, the difference in the net value of assets and liabilities of TMPL transferred to the Company, of Rs 6.65 crores, has been adjusted towards expenses incurred in relation to the amalgamation. There is no adverse impact of the Scheme on the financial position or operating results of the Company.

12 As notified by Ministry of Corporate Affairs, Revised Schedule VI under the Companies Act, 1956 is applicable to the Financial Statements for the financial year commencing on or after 1st April, 2011. Accordingly, the financial statements for the year ended March 31, 2012 are prepared in accordance with the Revised Schedule VI. The amounts and disclosures included in the financial statements of the previous year have been reclassified to conform to the requirements of Revised Schedule VI."

13 The figures have been rounded off to two decimals in crores.


Mar 31, 2011

1. In the opinion of the Board, the current assets, loans and advances are approximately of the value stated if realised in the ordinary course of business. The provisions for all known liabilities are adequate.

2. Commitments and Contingent Liabilities

Rs.In Lakhs

As At As At 31.03.2011 31.03.2010

a. Claims against the Company not acknowledged as debts in respect of

i. Income Tax 643.03 --

b. Estimated amount of contracts remaining to be executed on capital account and not provided for (Net off Advances) -- 3.75

3 Recognition of Income and Expenses for ongoing projects are based upon expected / achieved sales value and estimated costs and work completion status as certifi ed by architects, which being a technical matter, has been relied upon by the auditors.

9 Employee Stock Option Scheme (ESOS)

a During the year, the Company has granted 75,000 (Previous Year - NIL) Employee Stock Options to some employees of the Company.

b The company has granted stock options to employees under the Employees Stock Option Scheme at grant price of Rs. 70/- (face value Rs. 2/-)

13 The Company has advanced Rs 1621.18 Lakhs (including accrued interest) to its Wholly Owned Subsidiary, Peninsula Facility Management Services Limited (PFMSL). The net worth of this subsidiary is presently negative in view of past losses which are largely attributable to interest servicing cost on these advances from the parent Company, despite reasonable operating margins. Moreover, the operations of this subsidiary confer signifi cant strategic advantages and value addition to the core real estate business of the Company. The Management is also pursuing viable business development plans and immediate financial restructuring measures to achieve a turnaround and strengthen the equity base of PFMSL. In view of this, no provision is made in the accounts in respect of these advances.

15 Employee Benefit Plans

The Company has classifi ed various benefit plans as under:

a Defi ned Contribution Plan

The Company has recognised the following amounts in Profit and Loss Account which are included under Contributions to Funds

b Defi ned Benefit Plan:

i. Gratuity (Funded)

ii Leave Encashment (Non funded)

In terms of the Guidance on implementing the revised AS 15, issued by the Accounting Standards Board of the Institute of Chartered Accountants of India, the Gratuity Trust set up by the Company is treated as defi ned benefit plan since the Company has to meet the shortfall, if any. However at the year end, no shortfall remains unprovided for.

Leave encashment is payable to eligible employees who have earned leaves, during the employment and / or separation as per the Companys policy.

Valuations in respect of Gratuity and Leave Encashment, as at the Balance Sheet date, are based on the following assumptions.

16 List of Related Parties and Transactions during the year.

I Controlling Companies

(i) Topstar Mercantile Private Limited

II Subsidiary Companies

(i) Champs Elysee Enterprises Private Limited

(ii) Peninsula Mega Properties Private Limited

(iii) Peninsula Holdings and Investments Private Limited (formerly known as Boom Realty Private Limited)

(iv) Renato Finance and Investments Private Limited

(v) Peninsula Crossroads Private Limited (formerly known as L and T Crossroads Private Limited) (w.e.f. March 2011)

III Step Down Subsidiary Companies

(i) City Parks Private Limited

(ii) Goodtime Real Estate Development Private Limited

(iii) Inox Mercantile Company Private Limited

(iv) Peninsula Facility Management Services Limited (formerly known as Peninsula Facility Management Services Private Limited)

(v) Peninsula Integrated Developers Private Limited (formerly known as Peninsula Real Estate Management Services Private Limited)

(vi) Peninsula Investment Management Company Limited

(vii) Peninsula Mega City Development Private Limited

(viii) Peninsula Mega Township Developers Private Limited

(ix) Peninsula Pharma Research Centre Private Limited

(x) Peninsula Real Estate Management Private Limited

(xi) Peninsula Trustee Limited

(xii) Planetview Mercantile Company Private Limited

(xiii) RR Mega Property Developers Private Limited

(xiv) RR Real Estate Development Private Limited

(xv) Rishiraj Enterprises Limited (formerly known as Rishiraj Enterprises Private Limited)

(xvi) Takenow Property Developers Private Limited

IV Associate Companies with whom the Company had transactions during the year

(i) Delta Hospitality Private Limited (formerly known as Fasttrack Impex Private Limited)

(ii) JM Realty Management Private Limited

(iii) SEW Engineering (India) Private Limited (formerly known as SEW Electricals Private Limited)

(iv) Topzone Mercantile Company Private Limited

(v) RA Realty Ventures Private Limited

V Companies where Key Management Personnel / their relatives exercise signifi cant infl uence

(i) Ashok Piramal Management Corporation Limited

(ii) Freedom Registry Limited (formerly known as Amtrac Management Services Limited)

(iii) Morarjee Textiles Limited

(iv) Onestar Mercantile Company Private Limited

(v) Thundercloud Technologies (India) Private Limited

(vi) RR Mega City Builders Limited (formerly known as RR Mega City Builders Private Limited)

(vii) Peninsula Mega City Development Private Limited

(viii) Peninsula SA Realty Private Limited

(ix) Peninsula Townships Development Private Limited

(x) Delta Corp Limited

(xi) Rockfirst Real Estate Limited (formerly known as Rockfirst Real Estate Private Limited)

(xii) Ashok Piramal Mega City Development Private Limited

(xiii) Ashok Piramal Mega Properties Private Limited

(xiv) Ashok Piramal Township Development Private Limited

(xv) Goldlife Mercantile Company Private Limited

(xvi) Jammin Recreation Private Limited

(xvii) Pune Football Club Limited

(xviii) Top value Brokers Private Limited

(xix) Integra, a division of Morarjee Textiles Limited (formerly known as Itegra Apperals and Textiles Limited)

(xx) Truewin Realty Limited (formerly known as Truewin Realty Private Limited)

(xxi) Topvalue Real Estate Development Limited (formerly known as Topvalue Real Estate Development Private Limited)

(xxii) CA MS Learning Private Limited

(xxiii) ED US TA R L earning Private Limited

(xxiv) Bridgepoint Learning Private Limited

VI Enterprises where Key Management Personnel /their relatives exercise signifi cant infl uence

(i) Ashok G. Piramal Trust

(ii) Peninsula Land Limited ESOP Trust

VII Enterprise over which Company exercise signifi cant control

(i) Peninsula GSG MHP Project - AOP (50% share)

VIII Ke y Ma nagement Pers o nn e l

(i) Ms. Urvi A. Piramal - Executive Chairperson (ii) Mr. Rajeev A. Piramal - Executive Vice Chairman (iii) Mr. Mahesh S. Gupta - Group Managing Director (iv) Mr. Rajesh Jaggi - Managing Director

IX Relatives of Key Management Personnel

(i) Mr. Harshvardhan A. Piramal - Son of Executive Chairperson (ii) Mr. Nandan A. Piramal -Son of Executive Chairperson (iii) Mr. Jaydev Mody - Brother of Executive Chairperson (iv) Ms. Sunita Gupta - Spouse of Group Managing Director (v) Ms. Kalpana Singhania - Sister of Executive Chairperson

25 Segment Reporting

Since the financial statements contain both consolidated and standalone financials, segment reporting disclosure is provided in notes to consolidated financial statements.

26 The Scheme of Amalgamation and Arrangement of Topstar Mercantile Private Limited (TMPL) with the Company, has been sanctioned by Honble Bombay High Court, whereby the entire business of TMPL would vest into the Company from the Appointed date of 27th October 2010. Since the fi ling of the sanctioned scheme with the Ministry of Corporate Affairs is pending, the same has not become effective. Hence the effect of the amalgamation has not been given in the accounts of the Company for the year. There will be no adverse impact of the scheme on the financial position or operating results of the Company.

27 Previous year figures have been regrouped / reclassified wherever necessary to conform to current years classifi cation.


Mar 31, 2010

1 In the opinion of the Board, the current assets, loans and advances are approximately of the value stated if realised in the ordinary course of business. The provisions for all known liabilities are adequate.

As At As At 31.03.2010 31.03.2009 2 Commitments and Contingent Liabilities (Rs.In Lakhs) (Rs.In Lakhs) a. Claims against the Company not acknowledged as debts in respect of i. Income Tax - 1,227.17 b. Estimated amount of contracts remaining to be executed on capital account and not provided for (Net off Advances) 3.75 21.85

3 Recognition of Income and Expenses for ongoing projects are based upon expected / achieved sales value and estimated costs and work completion status as certifi ed by architects, which being a technical matter, has been relied upon by the auditors.

4 During the year the Company transferred its investment in 12 subsidiaries amounting to Rs 9,025.78 Lakhs to one of its subsidiary Peninsula Holding & Investment Private Limited for a total consideration of Rs 9,025.78 Lakhs.

5 Excess Income Tax provision of earlier years of Rs 648.75 Lakhs was reversed pursuant to assessment proceedings.

6 The Extra ordinary item in Schedule 12 of Profi t & Loss Account comprises entirely of amortisation of VRS and related cost incurred in earlier years.

The amortisation for current year was Rs. 4,568 Lakhs as against Rs 1,601 Lakhs for the previous year. The increase of Rs 2,967 Lakhs is due to compliance with Accounting Standard-15, which requires the unamortised portion of the deferred revenue expenses (VRS) to be amortised entirely by 31st March 2010.

7 Employee Stock Option Scheme (ESOS)

a During the year, the Company has granted NIL (Previous Year - 770,000) Employee Stock Options to some employees of the Company.

b The Company has granted stock options to employees under the Employees Stock Option Scheme at grant price of Rs. 70/- (face value Rs. 2/-)

There is a difference in the number of options in force and options lapsed for the previous year on account of recording the lapsed options as a result of the performance rating of the employees

c Certain disclosures in respect of the scheme are as under:

i. As the options are granted using the face value, no compensation will arise.

8 Employee Benefit Plans

The Company has classifi ed various benefi t plans as under:

b Defi ned Benefi t Plan:

i. Gratuity (Funded)

ii Leave Encashment (Non funded)

In terms of the Guidance on implementing the revised AS 15, issued by the Accounting Standards Board of the Institute of Chartered Accountants of India, the Gratuity Trust set up by the Company is treated as defi ned benefi t plan since the Company has to meet the shortfall, if any. However at the year end, no shortfall remains unprovided for.

Leave encashment is payable to eligible employees who have earned leaves, during the employment and / or separation as per the Companys policy.

Valuations in respect of Gratuity and Leave Encashment, as at the Balance Sheet date, based on the following assumptions.

i The disclosures of Gratuity are as under:

The Company has funded its gratuity obligation under Group Gratuity Policy managed by LIC. The disclosures stated below have been obtained from independent actuary, as the fi gures from LIC were not available. In view of this, certain disclosures could not be provided. The other disclosures in accordance with AS -15 (revised) pertaining to Defi ned Benefi t Plans are given below:

9 List of Related Parties and Transactions during the year.

I Controlling Companies

(i) Topstar Mercantile Private Limited

II Subsidiary Companies

(i) Champs Elysee Enterprises Private Limited

(ii) Peninsula Mega Properties Private Limited

(iii) Peninsula Holdings and Investments Private Limited (formerly known as Boom Realty Private Limited)

(iv) Renato Finance and Investments Private Limited

III Step Down Subsidiary Companies

(i) City Parks Private Limited

(ii) Inox Mercantile Company Private Limited

(iii) Peninsula Facility Management Services Limited (formerly known as Peninsula Facility Management Services Private Limited)

(iv) Peninsula Investment Management Company Limited

(v) Peninsula Mega Township Developers Private Limited

(vi) Peninsula Pharma Research Centre Private Limited

(vii) Peninsula Trustee Limited

(viii) Planetview Mercantile Company Private Limited

(ix) RR Mega Property Developers Private Limited

(x) RR Real Estate Development Private Limited

(xi) Rishiraj Enterprises Limited (formerly known as Rishiraj Enterprises Private Limited)

(xii) Takenow Property Developers Private Limited

IV Associate Companies with whom the Company had transactions during the year

(i) Delta Hospitality Private Limited (formerly known as Fasttrack Impex Private Limited)

(ii) JM Realty Management Private Limited

(iii) L & T Crossroads Private Limited

(iv) SEW Electricals Private Limited

(v) Topzone Mercantile Company Private Limited

V Companies where Key Management Personnel /their relatives exercise signifi cant infl uence

(i) Ashok Piramal Management Corporation Limited

(ii) Freedom Registry Limited (formerly known as Amtrac Management Services Limited)

(iii) Morarjee Textiles Limited

(iv) Onestar Mercantile Company Private Limited

(v) Thundercloud Technologies (India) Private Limited

(vi) RR Mega City Builders Private Limited

(vii) Peninsula Mega-City Development Private Limited

(viii) Peninsula SA Realty Private Limited

(ix) Peninsula Townships Development Private Limited

(x) Delta Corp Limited

(xi) Rockfi rst Real Estate Limited (formerly known as Rockfi rst Real Estate Private Limited)

(xii) Ashok Piramal Mega-City Development Private Limited

(xiii) Ashok Piramal Mega Properties Private Limited

(xiv) Ashok Piramal Township Development Private Limited

(xv) Goldlife Mercantile Company Private Limited

(xvi) Jammin Recreation Private Limited

(xvii) Peninsula Real Estate Management Private Limited

(xviii) Peninsula Real Estate Services Private Limited

(xix) Pune Football Club Limited

(xx) Topvalue Brokers Private Limited

(xxi) Integra Apparels and Textiles Limited

(xxii) Truewin Realty Private Limited

(xxiii) Topvalue Real Estate Development Private Limited

VI Enterprises where Key Management Personnel /their relatives exercise signifi cant infl uence

(i) Ashok G. Piramal Trust

(ii) Peninsula Land Limited ESOP Trust

VII Key Management Personnel

(i) Ms. Urvi A. Piramal - Executive Chairperson (ii) Mr. Rajeev A. Piramal- Executive Vice Chairman (iii) Mr. Mahesh S. Gupta - Group Managing Director (iv) Mr. Rajesh Jaggi - Managing Director

VIII R elatives of Key Management Personnel

(i) Mr. Harshvardhan A. Piramal - Son of Executive Chairperson (ii) Mr. Rajeev A. Piramal - Son of Executive Chairperson (iii) Mr. Nandan A. Piramal -Son of Executive Chairperson (iv) Mr. Jaydev Mody - Brother of Executive Chairperson (v) Ms. Sunita Gupta - Spouse of Group Managing Director (vi) Ms. Kalpana Singhania - Sister of Executive Chairperson

10 Earnings Per Share (EPS)

In determining earnings per share, the Company considers the net profi t after tax and includes the post tax effect of any extra - ordinary / exceptional items. The number of shares in computing basic earnings per share is the weighted average number of shares outstanding during the period. The number of shares used in computing diluted earnings per share comprises weighted average shares considered for deriving basic earnings per share, and also the weighted average number of equity shares that could have been issued on the conversion of all dilutive potential equity shares. The diluted potential equity shares are adjusted for the proceeds receivable, had the shares been actually issued at fair price (ie the average market value of outstanding shares). Statement showing the computation of EPS is as under:

11 The Micro, Small and Medium Enterprises Development Act, 2006

The Company has sent letters to suppliers to confi rm whether they are covered under Micro, Small and Medium Enterprises Development Act, 2006 as well as they have fi le required memorandum with the prescribed authorities. Out of the letters sent to the parties, some confi rmations have been received till the date of fi nalisation of Balance Sheet. Based on the confi rmations received, the details of outstandings are as under:

12 Previous year figures have been regrouped / reclassified wherever necessary to conform to current years classification.

 
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