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Mahindra Lifespace Developers Ltd has informed that in the limited review report of the Company for the quarter ended September 30, 2007, the Auditors of the Company have made the following observations:
1. Without qualifying their opinion, the Auditors draw attention to their reliance on management representation regarding realisability of construction work in
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progress, project advances and interest accrued thereon in the amount of Rs 8658.51 lacs carried forward from the last audited balance sheet, on account certain project, the commencement of which is delayed pending resolution of certain matters including receipt of approvals and outcome of the court cases.
2. In respect of projects under long term contracts undertaken and / or financed by the Company, the auditors have relied upon the managements estimates of the percentage of completion, costs to completion and the projections of revenues expected from projects owing to the technical nature of such estimates, on the basis of which profits / losses have been accounted, interest income accrued and realisability of the construction work in progress and project advances determined.
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