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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

Oct 28, 16:00
396.25 -18.05 (-4.36%)
Volume
AVERAGE VOLUME
5-Day
296,341
10-Day
439,798
30-Day
755,199
291,950
  • Prev. Close

    414.30

  • Open Price

    416.00

  • Bid Price (Qty.)

    397.35 (11)

  • Offer Price (Qty.)

    399.80 (5)

NSE Live

Oct 28, 16:00
396.55 -17.85 (-4.31%)
Volume
AVERAGE VOLUME
5-Day
6,823,845
10-Day
8,342,302
30-Day
15,123,459
7,192,680
  • Prev. Close

    414.40

  • Open Price

    414.50

  • Bid Price (Qty.)

    396.55 (7933)

  • Offer Price (Qty.)

    0.00 (0)

Annual Report

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

Auditor's Report

Report on the Financial Statements 1. We have audited the accompanying financial statements of DLF Limited (the Company), which comprise the Balance Sheet as at March 31, 2013, and the Statement of Profit and Loss and also Cash Flow Statement for the year then ended, and a summary of significant accounting policies and other explanatory information. Management''s Responsibility for the Financial Statements 2. Management is responsible for the preparation of these financial statements, that gives a true and fair view of the financial position, financial performance and cash flows of the Company in accordance with the accounting principles generally accepted in India, including the Accounting Standards referred to in sub-section (3C) of Section 211 of the Companies Act, 1956 (the Act). This responsibility includes the design, implementation and maintenance of internal control relevant to the preparation and presentation of the financial statements that give a true and fair view and are free from material misstatement, whether due to fraud or error. Auditors'' Responsibility 3. Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in accordance with the Standards on Auditing issued by the Institute of Chartered Accountants of India. Those Standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from material misstatement. 4. An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditors'' judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the Company''s preparation and fair presentation of the financial statements in order to design audit procedures that are appropriate in the circumstances. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of the accounting estimates made by management, as well as evaluating the overall presentation of the financial statements. 5. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion. Opinion 6. In our opinion and to the best of our information and according to the explanations given to us, the financial statements 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: (a) in the case of the Balance Sheet, of the state of affairs of the Company as at March 31, 2013; (b) in the case of Statement of Profit and Loss, of the profit for the year ended on that date; and (c) in the case of the Cash Flow Statement, of the cash flows for the year ended on that date. Emphasis of Matter 7. We draw attention to certain income tax and other matters which are explained in more detail in Note 50. These matters are currently pending in litigations at different levels and there exists 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. Our audit report is not qualified in respect of these matters. Report on Other Legal and Regulatory Requirements 8. As required by the Companies (Auditor''s Report) Order, 2003 (the Order) issued by the Central Government of India in terms of sub-section (4A) of Section 227 of the Act, we give in the Annexure a statement on the matters specified in paragraphs 4 and 5 of the Order. 9. As required by Section 227(3) of the Act, 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 purpose 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) in our opinion, the financial statements comply with the Accounting Standards referred to in sub-section (3C) of Section 211 of the Act; and (e) on the basis of written representations received from the directors, as on March 31, 2013 and taken on record by the Board of Directors, none of the directors is disqualified as on March 31, 2013 from being appointed as a director in terms of clause (g) of sub-section (1) of Section 274 of the Act. Annexure to the Independent Auditors'' Report of even date to the members of DLF Limited, on the financial statements for the year ended March 31, 2013 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 and no material discrepancies were noticed on such verification. In our opinion, the frequency of verification of the fixed assets is reasonable having regard to the size of the Company and the 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. 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 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 between physical inventory and book records were noticed on physical verification. iii. a) The Company has granted unsecured loans to four parties covered in the register maintained under Section 301 of the Act. The maximum amount outstanding during the year is Rs. 5,97,820.23 lac and the year- end balance is Rs. 3,93,520.41 lac. 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 amounts are repayable on demand in accordance with such terms and conditions, the payment of interest has been regular in accordance with such terms and conditions. d) There is no overdue amount in respect of loans granted to such companies, firms or other parties. e) The Company has taken unsecured loans from thirteen parties covered in the register maintained under Section 301 of the Act. The maximum amount outstanding during the year is Rs. 54,321.52 lac and the year-end balance is Rs. 15,000 lac. f) In our opinion, the rate of interest and other terms and conditions of loans taken by the Company are not, prima facie, prejudicial to the interest of the Company. g) In respect of loans taken, the principal amount is repayable on demand in accordance with the terms and conditions, and the 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 fixed assets and for the sale of goods and services. During the course of our audit, no major weakness has been noticed in the internal control system in respect of these areas. 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 lac 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 for the maintenance of cost records under clause (d) of sub-section (1) of Section 209 of the Act in respect of generation and sale of electricity from the Company''s wind power operation and also in respect of Company''s real estate 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 cost records with a view to determine whether they are accurate or complete. ix. a) The Company is generally regular in depositing the 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, with the appropriate authorities. Further, 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 become 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 Demand Amount paid amount (Rs.) in lac* (Rs.) in lac Income Tax Act, 1961 Demand made under Section 190.93 137.04 143(3) Income Tax Act, 1961 Demand made under Section 86.53 - 143(3) Income Tax Act, 1961 Demand made under Section 216.92 101.73 143(3) Income Tax Act, 1961 Demand made under Section 667.28 331.67 147/263/143(3) Income Tax Act, 1961 Demand made under Section 431.99 330.29 147/143(3) Income Tax Act, 1961 Demand made under Section 408.89 - 147/143(3) Name of the Statute Period to which Forum where the amount dispute is pending relates Income Tax Act, 1961 Assessment year High Court 1997-98 Income Tax Act, 1961 Assessment year High Court 1999-2000 Income Tax Act, 1961 Assessment year High Court 2000-01 Income Tax Act, 1961 Assessment year Appeal pending before 2002-03 Income Tax Appellate Tribunal (ITAT), however order of CIT(A) received with a relief of Rs. 667.28 lac. Income Tax Act, 1961 Assessment year Appeal pending before 2003-04 Income Tax Appellate Tribunal (ITAT), however order of CIT(A) received with a relief of Rs. 413.08 lac. Income Tax Act, 1961 Assessment year Appeal pending before 2004-05 Income Tax Appellate Tribunal (ITAT), however order of CIT(A) received with a relief of Rs. 408.89 lac. * Amounts paid under protest 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 any financial institution or a bank or to 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 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 by the Company. xviii. During the year, 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 had created security in respect of debentures outstanding 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 Vinod Chandiok New Delhi Partner May 30, 2013 Membership No. 10093