INDEPENDENT AUDITORS’ REVIEW REPORT To, The Board of Directors ‘The Phoenix Mills Limited LIMITED REVIEW REPORT OF THE UNAUDITED STANDALONE RESULTS OF THE PHOENIX MILLS LIMITED FOR THE QUARTER/ SIX MONTHS ENDED 30" SEPTEMBER, 2015 1. We have reviewed the accompanying statement of uneudited standalone financial results of The Phoenix Mills Limited for the quarter six months ended 30" September, 2015, except for the disclosures regarding “Public Shareholding” and ‘Promoter and Promoter Group Shareholding’ which have been traced from disclosures made by the management and hhave not been audited by us. This statement isthe responsibility of the Company's Management and has been approved by the Board of Directors/ Committee of Board of Directors. Our responsibilty isto issue a report on these financial statements based on our review. 2. We conducted our review in accordanc® with the Standard on Review Engagements (SRE) 2410, “Review of Interim Financial Information Performed by the Independent Auditor of the Entity” issued by the Institute of Chartered ‘Accountants of India. This standard requires that we plan and perform the review to obtain moderate assurance as 10 whether the financial statements ae free of material misstatement. A review is limited primarily to inquiries of company personnel and analytical procedures applied to financial data and thus provide less assurance than an audit. We have not performed an sudit and accordingly, we do net express an audit opinion. 3. Based on our review conducted as above, nothing has come to our aitention that causes us to believe that the accompanying statement prepared in accordance with the Accounting Standards issued under the Companies (Accounting Standards) Rules, 2006 which continue to apply as per Section 133 of the Companies Act, 2013 , read with Rule 7 of the Companies (Accounts) Rule, 2014 and other recognised accounting practices and policies generally accepted in India, has not disclosed the information required to be disclosed in terms of Clause 4 of the Listing ‘Agreement with the Stock Exchanges including the manner in which it is to be disclosed, or that it contains any material misstatement. ‘Matter of Emphasis 4. We refer to Note No. 4of the accompanying standalone financial rests relating tothe company’s inestmcat in equity shares of Entertainment World Developers Limited (EWDL) andthe pending realization from EWDL. against the put option exercised on Fully Convertible Debentires (FCDs) of Treasure World Developers Private Limited (IWDPL) Far the reason stated inthe aforesaid note, the Company has mace a provision of RS. 8525.00 Lacs inthe previous financial year, towards the diminution in the value of the above investments, The Management would review the adequacy of the ‘sid provision a the yearend, based on the Future development. Our opinion is not qualified in respect of this matter. For A. M. Ghelani & Company For Chaturvedi & Shab Chartered Accountants Chartered Accountants (ier Registration No. 103173W) ° (Firm Registration No. 101720W) bh Mehta Partner Membership No. 104391 Membership No. 102749 Place: Mumbai Place: Mumbai Date: 05-11-2015 Date: 05-11-2015 nelosed: UnaySited financial rests forthe quarter six months ended 30" September, 2015 of The PhoenixTHE PHOENIX MILLS LIMITED STATEMENT OF ASSETS AND LIABILITIES Re in Lace Taso "Anat Sse March rs anicalars oy a EQUITY AND TABI SHARE OLDERS' FUNDS ‘Sure Gpial 3,000 2899 Revere & Spat 224159 197999 Sub Tos po 3,9,599 Minosiy Taterest NON-CURRENT LIABILITIES ong Tern Borrowings 0820 33199 thee Lang Ten Labitics 9,46 9292 ongTees Prone st 3 Seb Tol Bes aus CURRENT LIAB ‘Shor Term Borowngs ayz20 7883 “Tea Payables 56 oy ‘Orver Curren Labs ‘St ‘Tern Provision Seb Tol Tout ASSIS NON-CURRENT ASSETS, ised Assets Tange sets Capital Woden Pangese ‘Non Cnet lvertants Defer Tax Asses (Net) oo Terr leans and Advances Other Now Cunrnt Ast Seb Toad CURRENT ASSEERS ‘Garon vestments Trade Recnables Cath & Cath uaa, Soc Terr Loaasand Advances 4319 9,790 143076 B36 160,08 23,150] 306 ns Ske wou 3109 3109 aaa Bass aw 2193 ar 2083 2999 25366) ‘Mumbsi Dated: 05-11-2015,To, INDEPENDENT AUDITORS’ REVIEW REPORT The Board of Directors ‘The Phoenix Mills Limited LIMITED REVIEW REPORT OF THE UNAUDITED CONSOLIDATED RESULTS OF THE PHOENIX MILLS LIMITED FOR QUARTER AND HALF YEAR ENDED 30” SEPTEMEBR, 2015 We have reviewed the accompanying statement of Unaudited Consolidated Financial Results for the quarter/six ‘months ended 30 September, 2015 (‘the Statement”) of The Phoenix Mills Limited (‘the Company"), its’ subsidiaries and associates (the Company, its subsidiaries and associates constitute “the Group”), except for the disclosures regarding “Public Shareholding” and “Promoter and Promoter Group Shareholding” which have been ‘raced from disclosures made by the management and have not been audited by us. This statement is the responsibility of the Company's Management and has been approved by the Board of Directors/ Committee of Board of Directors. Our responsibility is to issue a report on these financial statements based on our review. We conducted our review of the Statement in accordance with the Standard on Review Engagements (SRE) 2410,"Review of Interim Financial Information Performed by the Independent Auditor of the Entity”, issued by the Institute of Chartered Accountants of India, to the extent applicable. This Standard requires that we plan and perform the review to obtain moderate assurance as to whether Statement is free of material misstatements. A review is limited primarily to inquiries of Company personnel and analytical procedures applied to financial data and thus provide less assurance than an audit, We have not performed an audit and accordingly we do not express an opinion. Based on our review, nothing has come to our attention that causes us to believe that the accompanying Statement of Unaudited Consolidated Financial Results prepared in accordance withthe Accounting Standards issued under the ‘Companies (Accounting Standards) Rules, 2006 which continue to apply as per Section 133 of the Companies Act, 2013 , reed with Rule'7 ofthe Companies (Accounts) Rule, 2014 and other recognised accounting practices and policies generally accepted in India, hes not disclosed the information required to be disclosed in terms of Clause 41 ofthe Listing Agreement with the Stock Exchanges including the maaner in which it isto be disclosed, or that it contains any material misstatement. We draw attention 10: 4) Note no. 4 ofthe accompanying Unaudited Consolidated financial results relating to the company’s investment in equity shares of Entertainment World Developers Limited (EWDL) and the pending realization from EWDL gains the put option exercised on Fully Coavertible Debentures (FCDs) of Treasure World Developers Private Limited (TWDPL). For the reason stated in aforesaid note, the provision of Rs. 9,125 Lacs made for diminution ‘of the above investments is considered adequate at this stage, b) Note no. 5 of the accompanying Unavdited Consolidated financial results related to the outcome of the arbitration proceedings between the company and the erstwhile hotel operator. The accounting treatment for the seitlement thereof including termination fees payable (if any) as per the Hotel Management Agreement (HMA) would be determined based on the final award of the arbitration tribunal. The management, based oa its own ‘essessment, is of the view that the arbtrition award would be in its favour and hence does not expect any ‘material outflow on the conclusion of the arbitration proceedings.©) Note no. 6 of the accompanying Unaudited Consolidated financial results towards the cumulative provision made for doubtful debts of Rs. 3,952.69 Lacs, including Rs. 1,338.36 Lacs for the period of Six Months, by the ‘management in one of the subsidiary based on the ongoing negotiations with the licensees. ‘Our opinion is not qualified in respect ofthese maters. ‘The accompanying Unaucited Consolidated Financial Results includes: 2) Unaudited financial rests of fifton subsidiaries which reflect total asses of Re. 496,066.60 Lacs, total revenue of Rs. $5,043.28 Lacs and the total profit after tax of Re. 5,175.70 Lac for to half year ended 30" September, 2015 and financial results of thee asiccates in which the share of profit ofthe Group is Rs. 103.92 Lacs have been reviewed by one of us. : ») We did not review the unaudited financial results of eight subsidiaries which reflects total assets of Rs. 162,123.41 Lacs, total revenue of Rs, 12,580.84 Lacs and the total loss after tax of Rs. 7,592.38 Lacs for the half year ended 30% September, 2015. Unaudited financial results of one associates in which the share of profit ‘of the Group is Rs, 0.03 Lacs these have been reviewed by another auditor whose reports are fumished to us and ‘our report in so far as it relates ro the amounts included in respect of these subsidiaries and associates is based solely on the report of other auditors. ©). Inrespect of tree associates, the financial results a8 at 30* September, 2015 are not available and the Grovp's share inthe prot oss ofthese associates have not been included inthe Unautited Consolidated Financial, Results. In case of one of the associate the Group's share of loss for the quarter ended 30° June, 2015 was Rs. 646 Lacs. : Our opinion is nat qualified in respect of these matters. For A. M. Ghelani & Company For Chaturvedi & Shah Chartered Accountants Chartered Accountants (Firm Registration No. 103173) (Firm Registration No. 101720W) Chintan A. ul Partner Jignesh Mebia Partner Membership No. 104391 Membership No. 102749 lace: Mumbai lace: Mumbai Date: 05! November, 2015 Date: 05! November, 2015 . Page 2 ofTHE PHOFNI MiLIS CINOTED, ‘CONSOLIDATED UNAUDITED FINANCIAL RESULTS FOR THE QUARTER/SIX MONTHS ENDED 3tch SEPTEMBER, 2015 ‘Regd. Office» 462, Scapa Bapat Marg, Lower Parl, Mumbai - 40013 ‘Tet 2% 21964897/ 987 09 Fomallinftatheahoenixmill-com Website www thephoeniansile com "Gin No LinI0OMEHOSPLCIO00 ‘PARTICUTARS “Fee Monti i Meats Se WHS | oes | OT | soos | sone | stan Vemndied | Unnnsied | Vonvained | Uanuaiaed | Unsutied | Aone 7 facome rom Operations Ne Sak / eco fo operens sezasro| yoga} aggrema]ergzoon| —rgosar) 5.3090 Total income from Operstons aezs.0{ —syonsst| aagsese | sigan] 795.1] 033829 2} Exoendiere 2) faces) Decent in tnde/ Weak in Progress cesmaof — caaras] 2939] @aas05] 20830] amnseal 8) Cont Moe Consume Costation ated cente srpssia] —o7a2.| ogsesi|anzensn] ss sm08| 130026 |e mplopee Rents Expenece spure{ 25068] apse] sorts] goas] tess | Ween Eapenee spare aresar| 422s] ogmor| amr] e007 © Depresaen and Amon Kapenscs sass { 43205] 428627] gos] 20039] teames0 Orbe Expenses suwsi{ — sx000| 77299] rrsms0| rssor40] sso ‘Total Expendicue zyre.m| 23309] 277004] ssmse| agers] asses 3 Prat fom operations befor sss] ezeise| sears] zysomr| se,nos25] 3930957 1 Tncome, Finance Cout and Exceptional terns 4] other tome rosso] erat] tpeese] asso] 1sesa6] ara 5 | Profit rom ordinary activities before wane! uses] 33] sases7] sases] s2sizss Pence Cont end ceeepeoeal ree 6 Besnce Cont rogsees] —roracer} roses7r] 2040108] 1956010) 39.8058 1] Profi rom ontinay actives efor sgru6] 476633] 109083) 57849] nes} e2@ cea tec 8 | Beeps! eon esos 9 | Pro en ordinary acties before syns] 473] rors] 5809) acise | serum 10 tas Expense - Caren Tax zscisi] 253600 agsiao] —Spor40| — Seorso]94ne77 Mai Akers Tox Cit corso] ain 79) sree esas] Defer Tae 17] ares] was] ona] conse anos 11 ]Net Profi forthe period 299595] ssine| esos] 6susss] 192297] Raat 12] Les: Share of Minar Intresin Lm)/Profi soir] rp04os] pants] iso10] seco] ss2028 131 cates Sze ia Pets /Loss) of Assceates su) sav] coro ora] cananf ase 14] Nex Prost ater Tex ater Mainorg Interest zassor|—zssnas| —zpmze] sons] geerss} ssn293 15] Pad peu shee capital (Face Value Rs2/- per sar) aps7e] aves] agsaa] —sso7e] gous] ager 1 [Rese exchaigsevabation eserves rasan (Ac perth atest ded bale sheet) . 17 Pas EPS (no anna Rs) 156 im) 9 9] 245 18 ised 3 not annie) (Ks) 166 1 14 33 sao] 2a)rT PARTICULARS PARTICULARS OF SHAREHOLDING Pe Sharchldne No.of sare sia] ons} assem] srs 9385722 B8C cP 48 suas] 340s) ae ska Promcer nd Promoter Grou Sharcalline Nowencunbeed “Namber of share ssasssve| 95570483] 95307963 | 9505470 5300903 | Percentage cf shares (a8 Sof the teal sharcholing of M " f " "0 frcrser sad neces oath [recente of sha (es 8S the teal sare apt of he ex esse] 395] sz 6593 INVESTOR COMPLAINTS Jnrie a the Berane of he aaree Reena trae the ana 15| [Dees of dus te acter | Unemaing umes a he cd ofthe ques “The above emutnas view bythe at comainechavebeea hes on rca bythe Bou f Dicecoe a is msg held on 0511-205 “Th gue for the eomeaponting previ pss have ben rea /s@ponped, wherever reese, 9 ether comparable wid the euet pso ‘Dang he que, be Company bas, on 1707-2015, ated 7.91907 egy shares of Ks. 2 ach fly pid up a2 prem of RE. 351.0 per share to Quad Ieattetonal Bye, puret othe Quaid ovina! acct (QHD) hat was approved bythe Companys shscheldens by poi babes en 8th me 215) ‘The Company hs Invement of Re. 579270 lace (acalingthroogh whaly wed subsiding) nthe yy share of Ensesinment Wadd Delon Lit (EWDI tnd Ks 1000 acs in FCDs of Tease world Developes Pvt Lid (TWOP), subaciry oC EWDL. ners incom: satin 10 Rs. 143251 las (ce Of TDS) wut acerved onthe suid debaterer opto 3103-2012 and cutandnga 31.03.2015. The company hed exceed the put option aralable ape the ‘Share DedentieSubcenon Dex forthe sid CDs and EWDL has pai part amour of Ks 1918.80 lacs in November 2013 ovat the ame. The Companys Bends ont of aundantcuton sad a» pen! prac line ih the nae scenatingprcte, deide to proide Re, 9125.0 le oe he mpatmest ofthese sestents i prevows aan year. Te Compan s explonng vinous opbons, nlug cetactal ert, fe thereover) of #5 46 quinn he put option evra by stand would endevor to secu the esac vee ofthe lretmentTheedeqeary of de impels prone would De reveved amas based on the fre developments ‘The Houe! Management Agreomont (HMA) beeen the Company's abiding Pano Hots and Lsinues Lime and Shang Intomatonl Hote ‘Management Pe Lad forthe operason of he bv! Lowe Par, Mma was temsated bythe partes efeave (309-2013 In accordance wt the provisions Of heT INA, the pains had refed ther tial dipeterto the abit bun (Careaty, the asbaate proceeigs ae a + preliminary sage ic the Tatu is i he pros of Serermiing schol sues eased the pass. “The management, bed ene own tvecemeny ro the view tht the ueirton sword woul be in te favors hence de not spe eny ated wow 2, the conduton of the arbiteaioa process The accoureng Wextment oe the oncom: facing iat fees payable (a) of th ciation wl Be bis o the fal award of the ena Incas of sbstary ompacy Offbeat Devdepes Pvt Lid, ade Reesabls at quer nd icles eciables of Rs $6647! hes respet of all operat wich ae du for more than sz mony. The company » athe pees of rcanceng doe trough ongergargtatons, Pending Gaal acer of ‘Sch eqpations«cemmalitwe provision of Rx 395269 lcs hasbeen made upto quer end towarks abe debe, sicdng Re 13836 as forthe ex ‘montis re wich nde pion othe Nanagnent adept Segmen Rew (On canon! bass, the Group has denied two reper semen wi Propeny& Rete series and Hospitality. On Consokted bass, the Company te dacloed sins Spent ste pamay Segment These gmt have been tied ie with AS-7 on meget epocing, Sagan: Revenue cls tnd other infomation include the pectic amounts enable cach ofthe segments a sho amounts alloted oa eatonable bun Thestoma/informiton wich reac the Company avawhole aad cnr be dec denaiied ch any paral bases sement hive ben shown speci. The Smet taformaion nw wer1540674 410657 3 peus3t 1ssm@] 477010 i sigaaas] —raoasi (esra05] 101499} waco] uzas sosaezs| —sosmose 10499 one: ssa] 92338 sano] 14sr98 vasa] — sor0664 sam} ase manos wsisa0] —s9suo9s aoris| ara 9734s izes] 95201 sors] aren] ares 97a. aszas] 1357170 zane] zorze] rayne] zane] sane] maar Howey Semscee agi20s| —“astaas 1091295 1268: “ava Unload (300035) 4078420] 3035] 335160] case439] lal Capital Empbyed ssor7s¢| 1390330 wepes3| raza] 10730955‘THE PHOENIX MILLS LIMITED CONSOLIDATED STATEMENT OF ASSETS AND LIABILITIES ee ieee EQUITY AND LIABILITIES SHAREHOLDERS FUNDS Share Capital Reserves de Sumpius Sub Total Minority Interest SNON-CURRENT LIABILITIES ‘Long Team Bocrowings Other Long, Tees Liabilities Long-Term Provisions Sub Tota (CURRENT LIABILITIES ‘Short Term Borrowings “Trade Payables Other Cusrent Liabiliies Short Term Provisions ‘Sub Total Toul ASSETS WNON-CURRENT ASSETS ined Assets Tangible Assets Intangible Assets Capital Work in-Propress Non-Crrent Investments Deferred Tax Assets (Net) Long:Tesm Loans and Advances Other Noa-Cucrent Aetets ‘Sub Total CURRENT ASSETS Current Investments Inventones ‘Trade Receivables Cash & Cash equivalents : Short Term Loans and Advances Other Current Assets ‘Sub Total Total Place : Mumbai Dated : 05-11-2015 = 320,766 28,307 2705, 5778. 25,769 721 81,655 2324 22,712 10,502 81,868 53402, Tiaa6s- TES. 407971 335 25,046 1745 10,845 24017 ‘9707 412,986 253 21,170 18072 10473 23,562 Bs, 15,659 126,810 8403 28,261 8408 B77 29,525 TOA. > For agi on behalfof the Board of Directors