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DLF Ltd.

BSE: 532868 | NSE: DLF |

Represents Equity.Intra - day transactions are permissible and normal trading is done in this category
Series: EQ | ISIN: INE271C01023 | SECTOR: Construction & Contracting - Real Estate

BSE Live

Sep 22, 16:00
369.15 38.40 (11.61%)
Volume
AVERAGE VOLUME
5-Day
792,762
10-Day
479,756
30-Day
405,062
2,072,792
  • Prev. Close

    330.75

  • Open Price

    333.95

  • Bid Price (Qty.)

    367.25 (500)

  • Offer Price (Qty.)

    369.15 (2765)

NSE Live

Sep 22, 15:59
369.05 38.35 (11.60%)
Volume
AVERAGE VOLUME
5-Day
14,728,598
10-Day
9,955,578
30-Day
8,822,434
42,525,950
  • Prev. Close

    330.70

  • Open Price

    332.85

  • Bid Price (Qty.)

    0.00 (0)

  • Offer Price (Qty.)

    369.05 (26474)

Annual Report

For Year :
2019 2018 2017 2016 2015 2014 2013 2012 2011

Auditor's Report

1. We have audited the attached Balance Sheet of DLF Limited, (the Company) as at March 31, 2009, and also the Profi t & Loss Account and the Cash Flow Statement for the year ended on that date annexed thereto (collectively referred as the Financial Statements). These Financial Statements are the responsibility of the Companys management. Our responsibility is to express an opinion on these Financial Statements based on our audit. 2. We conducted our audit in accordance with the auditing standards generally accepted in India. Those Standards require that we plan and perform the audit to obtain reasonable assurance about whether the fi nancial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the fi nancial statements. An audit also includes assessing the accounting principles used and signifi cant estimates made by management, as well as evaluating the overall fi nancial statement presentation. We believe that our audit provides a reasonable basis for our opinion. 3. As required by the Companies (Auditors Report) Order, 2003 (the Order) (as amended), issued by the Central Government of India in terms of sub-section (4A) of Section 227 of the Companies Act, 1956 (the Act), we enclose in the Annexure a statement on the matters specifi ed in paragraphs 4 and 5 of the Order. 4. Further to our comments in the Annexure referred to above, we report that: a. We have obtained all the information and explanations, which to the best of our knowledge and belief were necessary for the purposes of our audit; b. In our opinion, proper books of account as required by law have been kept by the Company so far as appears from our examination of those books; c. The Financial Statements dealt with by this report are in agreement with the books of account; d. On the basis of written representations received from the Directors, as on March 31, 2009 and taken on record by the Board of Directors, we report that none of the Directors is disqualifi ed as on March 31, 2009 from being appointed as a Director in terms of clause (g) of sub-section (1) of Section 274 of the Act; e. In our opinion and to the best of our information and according to the explanations given to us, the Financial Statements dealt with by this report comply with the accounting standards referred to in sub-section (3C) of Section 211 of the Act and the Rules framed there under and give the information required by the Act, in the manner so required and give a true and fair view in conformity with the accounting principles generally accepted in India, in the case of: i) the Balance Sheet, of the state of affairs of the Company as at March 31, 2009; ii) the Profi t & Loss Account, of the profit for the year ended on that date; and iii) the Cash Flow Statement, of the cash flows for the year ended on that date. Annexure to the Auditors Report of even date to the members of DLF Limited, on the fi nancial statements for the year ended March 31, 2009 Based on the audit procedures performed for the purpose of reporting a true and fair view on the Financial Statements of the Company and taking into consideration the information and explanations given to us and the books of account and other records examined by us in the normal course of audit, we report that: (i) (a) The Company has maintained proper records showing full particulars, including quantitative details and situation of fi xed assets. (b) A major portion of the fi xed assets has been physically verifi ed by the management during the year. In our opinion, the frequency of verifi cation of the fi xed assets is reasonable having regards to the size of the Company and nature of its assets. No material discrepancies were noticed on such verifi cation. (c) In our opinion, a substantial part of fi xed assets has not been disposed off during the year. (ii) (a) The inventory includes land, completed buildings, construction work-in-progress, construction and development material and development rights in identified land. Physical verification of inventory (except stocks represented by development rights, confirmations for which have been obtained) have been conducted at reasonable intervals by the management. (b) The procedures of physical verifi cation of inventory followed by the management are reasonable and adequate in relation to the size of the Company and the nature of its business. (c) The Company is maintaining proper records of inventory and no material discrepancies were noticed on physical verifi cation. (iii) (a) There are eleven subsidiary companies of DLF Limited covered in the register maintained under Section 301 of the Act to which the Company has granted secured/ unsecured loans. The maximum amount outstanding during the year was Rs. 907,899.43 lacs and the year-end balance was Rs 686,682.30 lacs. (b) In our opinion, the rate of interest and other terms and conditions of such loans are not, prima facie, prejudicial to the interest of the Company. (c) In respect of loans granted, repayment of the principal amounts is as stipulated and payment of interest has been regular. (d) There is no amount overdue in respect of loans granted to companies, fi rms or other parties listed in the register maintained under Section 301 of the Act. (e) The Company has taken business advance and loans from two entities covered in the register maintained under Section 301 of the Act. The maximum amount outstanding during the year was Rs 86,490.05 lacs and the year-end balance was Rs 3,036.99 lacs. (f) In our opinion, the rate of interest and other terms and conditions for such loans are not, prima facie, prejudicial to the interest of the Company. (g) In respect of loans taken, the principal amount and interest amount are payable on demand in accordance with the terms and conditions, and payment of interest has been regular in accordance with such terms and conditions. (iv) In our opinion, there is an adequate internal control system commensurate with the size of the Company and the nature of its business for the purchase of inventory and fi xed assets and for the sale of goods and services. (v) (a) In our opinion, the particulars of all contracts or arrangements that need to be entered into the register maintained under Section 301 of the Act have been so entered. (b) In our opinion, the transactions made in pursuance of such contracts or arrangements and exceeding the value of rupees fi ve lacs in respect of any party during the year have been made at prices which are reasonable having regard to prevailing market prices at the relevant time. (vi) The Company has issued 14% redeemable non- convertible debentures amounting to Rs 10,000 lacs to a banking company during the year which is exempt under Section 58A of the Act and the Companies (Acceptance of Deposits) Rules, 1975. Accordingly, the provisions of clause 4(vi) of the Order are not applicable. (vii) In our opinion, the Company has an internal audit system commensurate with its size and the nature of its business. (viii) We have broadly reviewed the books of account maintained by the Company pursuant to the Rules made by the Central Government under Section 209(1)(d) of the Act for the maintenance of cost records in respect of generation and sale of electricity from the Companys wind power operations and are of the opinion that, prima facie, the prescribed accounts and records have been made and maintained. However, we have not made a detailed examination of the records with a view to determine whether they are accurate or complete. (ix) (a) Undisputed statutory dues including provident fund, investor education and protection fund, employees state insurance, income-tax, sales- tax, wealth-tax, service-tax, custom duty, excise duty, cess and other material statutory dues, as applicable, have generally been regularly deposited with the appropriate authorities, though there has been a slight delay in a few cases. No undisputed amounts payable in respect thereof were outstanding at the year end for a period of more than six months from the date they became payable. (b) There are no amounts in respect of sales tax, income tax, customs duty, wealth tax, service tax, excise duty and cess that have not been deposited with the appropriate authorities on account of any dispute except for the amounts mentioned below. Name of the statute Nature of dues Amount (Rs. in lacs) Income-tax Act, 1961 Demand under Section 53.89 143(3) Income-tax Act, 1961 Demand under Section 93.22 143(3) Income-tax Act, 1961 Demand under Section 115.19 143(3) Income-tax Act, 1961 Demand under Section 312.69 143(3)/250/263 Income-tax Act, 1961 Demand under Section 243.59 143(3) The Finance Act, 2004 and Denial of Service-tax 1,592.08 Service-tax rules input credit The Finance Act, 2004 and Demand of Service-tax 34.90 Service-tax rules on import of service Period to which the Forum where dispute is amount relates pending Assessment year 1997-98 Income tax Appellate Tribunal (ITAT) Assessment year 1999-2000 ITAT Assessment year 2000-01 ITAT Assessment year 2002-03 Commissioner of Income Tax (CIT) (Appeals) Assessment year 2005-06 CIT (Appeals) 2007-08 Commissioner Service-tax 2003-04 till 2005-06 Directorate General of Central Excise Intelligence (x) In our opinion, the Company has no accumulated losses at the end of the fi nancial year and it has not incurred cash losses in the current and the immediately preceding fi nancial year. (xi) In our opinion, the Company has not defaulted in repayment of dues to a fi nancial institution or a bank or debenture holders during the year. (xii) The Company has not granted any loans and advances on the basis of security by way of pledge of shares, debentures and other securities. Accordingly, the provisions of clause 4(xii) of the Order are not applicable. (xiii) In our opinion, the Company is not a chit fund or a nidhi/ mutual benefi t fund/ society. Accordingly, the provisions of clause 4(xiii) of the Order are not applicable. (xiv) In our opinion, the Company is not dealing in or trading in shares, securities, debentures and other investments. Accordingly, the provisions of clause 4(xiv) of the Order are not applicable. (xv) In our opinion, the terms and conditions on which the Company has given guarantee for loans taken by others from banks or fi nancial institutions are not, prima facie, prejudicial to the interest of the Company. (xvi) In our opinion, the Company has applied the term loans for the purpose for which the loans were obtained. (xvii) In our opinion, no funds raised on short-term basis have been used for long-term investment. (xviii) The Company has not made any preferential allotment of shares to parties or companies covered in the register maintained under Section 301 of the Act. Accordingly, the provisions of clause 4(xviii) of the Order are not applicable. (xix) The Company has created security in respect of debentures issued during the year. (xx) The Company has not raised any money by public issues during the year. The management of the Company has disclosed the end use of monies during the year, raised through a public issue in the previous year (refer Note 34 of Schedule 25 to the fi nancial statements) and the same has been verifi ed by us. (xxi) No fraud on or by the Company has been noticed or reported during the period covered by our audit. for Walker, Chandiok & Co Chartered Accountants by David Jones Partner Membership No. 98113 New Delhi July 30, 2009