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Indian Stock Market : Mahindra Lifespace - Limited Review For The Quarter Ended Sep 30, 2007

Written December 21. 2007 in corporate
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
    

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
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