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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, 2011, and the Profit and Loss Account and also 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 financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial 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 specified in paragraphs 4 and 5 of the Order. 4. Without qualifying our opinion, we draw attention to Note No. 29 of Schedule 25 of the accompanying financial statements in respect of certain income tax and other matters. Based on the advice from independent experts on the respective matters, management is confident that no liabilities or other obligations resulting in a financial impact, other than those already recognised, will devolve on the Company. There exists however uncertainty in respect of the final resolution of these material matters, and the resultant financial adjustments if any, will be recorded in the periods in which these matters are resolved. 5. 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, 2011 and taken on record by the Board of Directors, we report that none of the directors is disqualified as on March 31, 2011 from being appointed as a director in terms of clause (g) of sub-section (1) of Section 274 of the Act; and 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, 2011; ii) the Profit and 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 financial statements for the year ended March 31, 2011 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 fixed assets. (b) A major portion of the fixed assets has been physically verified by the management during the year. In our opinion, the frequency of verification of the fixed assets is reasonable having regards to the size of the Company and nature of its assets. No material discrepancies were noticed on such verification. (c) In our opinion, a substantial part of fixed 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. Ph ysical 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 verification 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 verification. (iii) (a) There are ten companies of DLF Limited covered in the register maintained under Section 301 of the Act to which the Company has granted unsecured loans. The maximum amount outstanding during the year was Rs. 754,656.07 lacs and the year-end balance was Rs. 552,453.57 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, the principal amount is repayable on demand in accordance with the terms and conditions, and payment of interest has been regular in accordance with such terms and conditions. (d) There is no amount overdue in respect of loans granted to companies, firms or other parties listed in the register maintained under Section 301 of the Act. (e) The Company has not taken any loans, secured or unsecured from companies, firms or other parties covered in the register maintained under Section 301 of the Act. Accordingly, the provisions of clauses 4(iii) (f) and 4(iii)(g) of the Order are not applicable. (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 fixed 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 five lakhs 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) Based on an independent legal opinion obtained by the Company and relied upon by the auditors, the debentures issued by the Company to a private Company are exempt under Section 58A and 58AA 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 unpaid (Rs. in lacs) Income tax Act, 1961 Demand under section 143(3) 53.89 Income tax Act, 1961 Demand under section 143(3) 93.22 Income tax Act, 1961 Demand under section 143(3) 115.19 Name of the statue Period to which the Forum where dispute is pending amount relates Income tax Act, 1961 Assessment year Income tax Appellate Tribunal 1997-98 (ITAT) Income tax Act, 1961 Assessment year Income tax Appellate Tribunal 1999-2000 (ITAT) Income tax Act, 1961 Assessment year Income tax Appellate Tribunal 2000-01 (ITAT) Name of the statute Nature of dues Amount unpaid (Rs. in lacs) Income tax Act, 1961 Demand under section 144 13,975.89 Income tax Act, 1961 Demand made under section 8,014.58 143 (3)/142 (2A) Income tax Act, 1961 Demand made under section 54,675.17 143 (3)/142 (2A) The Finance Act, 2004 Demand of service tax on 17.13 and Service tax rules import of service The Finance Act, 2004 Demand of service tax on 143.18 and Service tax rules property transfer charges received from customers The Finance Act, 2004 Denial of service tax input 356.22 and Service tax rules credit on service tax paid on imported services The Finance Act, 2004 Denial of service tax input 1,592.08 and Service tax rules credit The Finance Act, 2004 Denial of service tax input 1,523.93 and Service tax rules credit The Finance Act, 2004 Denial of service tax input 323.95 and Service tax rules credit The Finance Act, 2004 Demand of service tax on 988.85 and Service tax rules sponsorship fee paid The Finance Act, 2004 Demand of service tax on 15.74 and Service tax rules property transfer charges received from customers The Finance Act, 2004 Demand of service tax on 824.05 and Service tax rules sponsorship fees paid The Finance Act, 2004 Demand of service tax on 10.58 and Service tax rules property transfer charges received from customers The Finance Act, 2004 Denial of service tax input 550.88 and Service tax rules credit The Finance Act, 2004 Demand of service tax on 824.05 and Service tax rules sponsorship fees paid Name of the statue Period to which the Forum where dispute is pending amount relates Income tax Act, 1961 Assessment year Appeal before CIT(A), Order 2006-07 received with a relief of Rs. 40,910.47 lacs, effect of which is pending Income tax Act, 1961 Assessment year CIT (Appeals) 2007-08 Income tax Act, 1961 Assessment year CIT (Appeals) 2008-09 The Finance Act, 2004 and Service tax rules April, 2003 to Additional Commissioner-Service June, 2005 tax The Finance Act, 2004 and Service tax rules 2003-04 till December, Commissioner Service Tax 2008 The Finance Act, 2004 and Service tax rules April, 2007 to Commissioner Service Tax September, 2009 The Finance Act, 2004 and Service tax rules 2007-08 Commissioner Service Tax The Finance Act, 2004 and Service tax rules 2008-09 Commissioner Service Tax The Finance Act, 2004 and Service tax rules April, 2009 to Commissioner Service Tax September, 2009 The Finance Act, 2004 and Service tax rules 2008-09 Commissioner Service Tax The Finance Act, 2004 and Service tax rules January, 2009 to Commissioner Service Tax September, 2009 The Finance Act, 2004 and Service tax rules 2009-10 Commissioner Service Tax The Finance Act, 2004 and Service tax rules October, 2009 to Commissioner Service Tax September, 2010 The Finance Act, 2004 and Service tax rules October, 2009 to Commissioner Service Tax September, 2010 The Finance Act, 2004 and Service tax rules 2010-11 Commissioner Service Tax (x) In our opinion, the Company has no accumulated losses at the end of the financial year and it has not incurred cash losses in the current and the immediately preceding financial year. (xi) In our opinion, the Company has not defaulted in repayment of dues to a financial 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 benefit 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 financial institutions are not, prima facie, prejudicial to the interest of the Company. (xvi) In our opinion, the term loans were applied for the purpose for which the loans were obtained, though idle/ surplus funds which were not required for immediate utilization have been invested in liquid investments, payable on demand. (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. Accordingly the provisions of clause 4(xx) of the Order are not applicable. (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 Firm Registration No: 001076N per David Jones New Delhi Partner May 24, 2011 Membership No. 98113