DLF Foundation

Description
DLF Foundation performance in the near term and the strategic business choices it made for medium
term are re ective of the overall politico-economic sentiment and sector speci c challenges. The Company
continued to steadfastly implement its strategy to focus on its core business of real estate development
and leasing, launch of select residential and commercial projects in targeted geographies supported with
development of world-class infrastructure for its key developments, divestiture of non-core assets and
reduction in debt. I am happy to share with you that the success of the launches that your Company chose
to make last year in Gurgaon, Chandigarh Tri-city and Lucknow reaf rm the con dence that our esteemed
customers vest in your Company’s products. The leasing businesses portfolio of of ces and retail continue
to provide a strong anchor to the Company’s cash ows.

Company Information ----------------------------------------------------------------------------------------- 3
Message from the Chairman -------------------------------------------------------------------------------- 4
Board of Directors --------------------------------------------------------------------------------------------- 6
Notice of the Annual General Meeting -------------------------------------------------------------------- 7
Directors’ Report --------------------------------------------------------------------------------------------- 12
Management Discussion & Analysis Report ---------------------------------------------------------- 22
Corporate Governance Report --------------------------------------------------------------------------- 32
Financial Statements ---------------------------------------------------------------------------------------- 54
Auditors’ Report ---------------------------------------------------------------------------------------------- 55
Balance Sheet ------------------------------------------------------------------------------------------------ 60
Statement of Prot & Loss --------------------------------------------------------------------------------- 61
Cash Flow Statement --------------------------------------------------------------------------------------- 62
Notes ------------------------------------------------------------------------------------------------------------ 64
Consolidated Financial Statements -------------------------------------------------------------------- 114
Details of Subsidiary Companies -----------------------------------------------------------------------186
Postal Ballot Notice -----------------------------------------------------------------------------------------196
Contents
3
Board of Directors
Executive Directors
Dr. K.P. Singh
Chairman
Mr. Rajiv Singh
Vice Chairman
Mr. T.C. Goyal
Managing Director
Ms. Pia Singh
Whole-time Director
Non-Executive Directors
Mr. G.S. Talwar
Dr. D.V. Kapur
Mr. K.N. Memani
Mr. M.M. Sabharwal
(upto 07.09.2012)
Mr. B. Bhushan
Brig. (Retd.) N.P. Singh
Reference Information
Registered Ofce
Shopping Mall, 3
rd
Floor, Arjun Marg
Phase-I, DLF City, Gurgaon-122 002
(Haryana)
Corporate Ofce
DLF Centre, Sansad Marg
New Delhi-110 001
Statutory Auditors
M/s. Walker, Chandiok & Co
Registrar & Share Transfer Agent
Karvy Computershare Private Ltd.
Listed at
Bombay Stock Exchange
National Stock Exchange
Company Secretary
Mr. Subhash Setia
Company Information
4
Dear Shareholders,
In line with the concerns I shared in my Message to you last year with respect to the Indian economy,
while the adopted combative monetary policy did yield intended dividends in the terms of curbing headline
ination, this was at the expense of predictable side-effect of severely stunted economic growth. Latest
economic data conrms the loss of economic growth momentum to a disturbing 5% growth rate for Fiscal
2013, the lowest in the decade. This ination-growth dynamics in the Indian context is broadly reective of
the overall fragile global economic scenario whereby, while both developed and emerging economies have
seen moderation of commodity prices, the green shoots of growth are yet to take roots with almost all big
national economies trying to return to an investment-led growth cycle.
Real Estate is not only a key economic sector in terms of its direct GDP contribution but with its forward
and backward linkages with about 300 other sub-sectors of the economy, Real Estate development is also
a key employment generator. However as highlighted by the Economic Survey for 2012-13, the sector
continues to face more than its fair share of challenges. Some of these are the absence of a long-term
funding mechanism, limited developer nance, the Urban Land Ceiling Regulations Act continuing in some
States, existing lower oor area ratio in cities, high stamp duties and difculties in land acquisition. These
sector specic challenges became more glaring in the context of an increasingly fragile economic scenario
last year and the sector’s extended underperformance.
Dr. K.P. Singh, Chairman
Message from the Chairman
5
Your own Company’s performance in the near term and the strategic business choices it made for medium
term are reective of the overall politico-economic sentiment and sector specic challenges. The Company
continued to steadfastly implement its strategy to focus on its core business of real estate development
and leasing, launch of select residential and commercial projects in targeted geographies supported with
development of world-class infrastructure for its key developments, divestiture of non-core assets and
reduction in debt. I am happy to share with you that the success of the launches that your Company chose
to make last year in Gurgaon, Chandigarh Tri-city and Lucknow reafrm the condence that our esteemed
customers vest in your Company’s products. The leasing businesses portfolio of ofces and retail continue
to provide a strong anchor to the Company’s cash ows.
Your Company continues to reinforce its strong commitment towards serving the underserved communities
in areas of its business operations. DLF Foundation, in its fth year since incorporation has consistently
pursued its mission of empowering communities and initiated a number of charitable projects for the poor
and underprivileged in areas of education, training, health, community development and environment.
This year has also been remarkable with the success achieved by the three major agship programmes
i.e. “DLF Life” (Employability-linked Skill Development Programme), the DLF Choudhary Raghvendra
Singh Scholarship Programme (for meritorious students among underprivileged) and the Village Cluster
Development Programme.
Your Company continues to be guided by its underlying values of providing exemplary customer service,
enhancing value for all our stakeholders and being socially responsible in all our business endeavours.
I look forward to your continued support in the year ahead and wish you the very best.
With best wishes,
Sincerely,
(Dr. K.P. Singh)
30
th
May, 2013 Chairman
6
Board of Directors
(Sitting L-R) : Ms. Pia Singh, Mr. Rajiv Singh, Dr. K.P. Singh, Mr. T.C. Goyal, Mr. M.M. Sabharwal (upto 07.09.2012)
(Standing L-R) : Mr. G.S. Talwar, Mr. K.N. Memani, Dr. D.V. Kapur, Brig. (Retd.) N.P. Singh, Mr. B. Bhushan
7
Notice
Notice is hereby given that the Forty-eighth
Annual General Meeting of DLF Limited will be
held on Monday, the 12
th
August, 2013 at 10:30
A.M. at DLF City Club, Opposite Trinity Tower,
Phase-V, DLF City, Gurgaon-122 002 (Haryana)
to transact the following business:
Ordinary Business
1. To receive, consider and adopt the Audited
Balance Sheet as at 31
st
March, 2013, the
Statement of Prot & Loss for the year ended
on that date together with the Reports of
Directors and Auditors thereon.
2. To declare dividend.
3. To appoint a Director in place of Brig. (Retd.)
N.P. Singh, who retires by rotation and being
eligible, offers himself for re-appointment.
4. To appoint a Director in place of Mr. B.
Bhushan, who retires by rotation and being
eligible, offers himself for re-appointment.
5. To appoint a Director in place of Mr. K.N.
Memani, who retires by rotation and being
eligible, offers himself for re-appointment.
6. To appoint Auditors of the Company to hold
ofce from the conclusion of this meeting
until the conclusion of the next Annual
General Meeting and to x their remuneration.
M/s. Walker, Chandiok & Co, the retiring
Auditors are eligible for re-appointment.
By Order of the Board
for DLF LIMITED
New Delhi Subhash Setia
30
th
May, 2013 Company Secretary
Notes:
1. A Member entitled to attend and vote at the
meeting is entitled to appoint a proxy to
attend and vote on a poll instead of himself
and the proxy need not be a Member of the
Company. The instrument of proxy in order
to be effective should be deposited at the
Registered Ofce of the Company not later
than 48 hours before the meeting. Blank
proxy Form is attached.
2. The details of Directors seeking
re-appointment, in terms of Clause 49 of the
Listing Agreement, are annexed hereto and
form part of this Notice.
3. Karvy Computershare Private Limited (Karvy),
Plot No. 17–24, Vittalrao Nagar, Madhapur,
Hyderabad-500 081, Phone No. 040-44655000
Fax No. 040-23420814; E-mail: einward.ris@
karvy.com; Website: www.karvy.com, is the
Registrar and Share Transfer Agent (RTA) for
Physical Shares. Karvy is also the depository
interface of the Company with both National
Securities Depository Limited (NSDL) and
Central Depository Services (India) Limited
(CDSL). However, keeping in view the
convenience of the shareholders, documents
relating to shares will continue to be accepted
by Karvy Computershare Private Limited,
at (i) 105-108, 1
st
Floor, Arunachal Building,
19, Barakhamba Road, Connaught Place,
New Delhi – 110 001, Ph.: 011-43509200;
(ii) at the Registered Ofce of the Company;
and also (iii) at Corporate Affairs Department,
1-E, J handewalan Extension, Naaz Cinema
Complex, New Delhi – 110 055.
4. Corporate Members intending to send their
authorised representatives to attend the
meeting are requested to send a certied
copy of Board Resolution authorising their
representatives to attend and vote on their
behalf at the meeting.
8
5. The Register of Members and Share Transfer
Books of the Company will remain closed
from Thursday, 1
st
August, 2013 to Monday,
12
th
August, 2013 (both days inclusive) for
determining eligibility for payment of dividend,
if declared at the meeting.
6. The dividend, if declared at the meeting, will be
paid on or before Tuesday, 10
th
September,
2013 to those Members or their mandates: (a)
whose names appear as Benecial Owners at
the end of the business hours on Wednesday,
31
st
July, 2013 in the list of Benecial Owners
to be furnished by the Depositories (NSDL
and CDSL) in respect of the shares held in
electronic form; and (b) whose names appear
as Members on the Company’s Register of
Members after giving effect to valid transfer
requests in physical form lodged with the
Company or its Registrar & Share Transfer
Agent (RTA) on or before Wednesday, 31
st

July, 2013.
7. Relevant documents referred to in the
accompanying Notice are open for inspection
by the Members at the Registered Ofce of
the Company on all working days, between
14:00 -16:00 hrs. up to the date of the meeting.
The requisite statutory registers shall also be
open for inspection during the meeting.
8. The Auditors’ Certicate required under Clause
14 of the SEBI (Employee Stock Options
Scheme and Employee Stock Purchase
Scheme) Guidelines, 1999 shall be placed at
the Annual General Meeting.
9. Members holding shares in dematerialised
form are requested to intimate all changes
pertaining to their bank details, National
Electronic Clearing Service (NECS),
Electronic Clearing Service (ECS), mandates,
nominations, power of attorney, change of
address, change of name and e-mail address
etc., to their respective Depository Participants.
Changes intimated to the Depository
Participants will be automatically reected
in the Company’s record which will help the
Company and Karvy to provide efcient and
better services. Members holding shares in
physical form are also requested to intimate
such changes to Karvy under the signatures
of rst / joint holder(s).
10. Reserve Bank of India has initiated NECS for
credit of dividend directly to the bank accounts
of the Members. Members are requested
to register their bank account details (Core
Banking Solutions enabled account number, 9
digit MICR and 11 digit IFS Code), in respect
of shares held in dematerialised form with
their respective Depository Participants and in
respect of shares held in physical form with
Karvy.
11. Members desirous of obtaining any
information/ clarication(s)/ intending to raise
any query concerning the annual accounts and
operations of the Company, are requested to
forward the same at least 7 days prior to the
date of meeting to the Company Secretary at
the Registered Ofce of the Company, so that
the same may be attended appropriately.
12. Pursuant to provisions of Section 205A(5)
and 205C of the Companies Act, 1956 the
Company has transferred unpaid/unclaimed
dividend up to nancial year 2004-05 to the
Investor Education and Protection Fund
(the ‘Fund’) of the Central Government.
The unpaid/ unclaimed dividends for the
nancial year 2005-06 and thereafter,
which remains unpaid or unclaimed for a
period of 7 years from the date it became
due for payment will be transferred by
the Company to the Fund. Members who
have not encashed dividend warrants may
approach the RTA for obtaining payment
thereof.
The details of unpaid / unclaimed dividends
for nancial year 2005-06 onwards can be
viewed on Company’s website i.e. www.dlf.
in, which were uploaded in compliance with
the provisions of the Investor Education and
Protection Fund (Uploading of information
regarding unpaid and unclaimed amount lying
with Companies) Rules, 2012.
9
Please note that no claim shall lie in respect
of unpaid or unclaimed dividend after its
transfer to the Fund.
13. The Ministry of Corporate Affairs (MCA)
has introduced ‘Green Initiative’ whereby
the documents are permitted to be served
on the Members through electronic mode
i.e., e-mail. This initiative is a step towards
protection of environment and enabling faster
communication with the Members.
Accordingly, the Company proposed to serve
all the documents to e-mail addresses of
the Members. Members are requested to
provide / update their e-mail addresses with
their respective Depository Participants (DPs)
or send an e-mail at [email protected] to
get the Annual Report and other documents
on such e-mail address. Members holding
shares in physical form are also requested to
intimate their e-mail address to Karvy either
by e-mail at [email protected] or by sending
a communication at the address mentioned at
Note 3 above.
14. Members are requested:
(a) To bring Attendance Slip duly completed
and signed at the meeting and not to
carry briefcase or bag inside the meeting
venue for security reasons;
(b) To quote their Folio No. / DP Id - Client Id
in all correspondence; and
(c) To please note that no gift or gift coupons
will be distributed at the meeting.
Pursuant to circular no. 2/2011 dated 8
th
February, 2011 of the Ministry of Corporate Affairs, Government of India, the Balance
Sheet, Statement of Prot & Loss and other documents of the subsidiary companies are not required to be attached with the
Balance Sheet of the Company. The annual accounts of the subsidiary companies and the related detailed information will
be made available upon request by the Members of the Company. These documents will be available for inspection by any
Member at the Registered / Corporate Ofce / Corporate Affairs department of the Company and also at the Registered Ofces
of the subsidiary companies concerned.
10
Details of Directors seeking Re-appointment at the Annual General Meeting
(In pursuance of Clause 49 of the Listing Agreement)
Name of Director Brig. (Retd.) N.P. Singh Mr. B. Bhushan Mr. K.N. Memani
Date of Birth / Age 27.07.1937 / 76 years 24.01.1933 / 80 years 01.01.1939 / 74 years
Date of Appointment 14.01.1993 16.11.1988 21.04.2006
Qualications Graduate from Army Staff College
of Camberley (U.K.) and National
Defence College of India.
Master Degree in Arts & Science;
Associate Member of British
Institute of Management. Trained
as Personnel Selection Ofcer
from Psychological Research
Wing, Ministry of Defence,
Government of India.
Fellow Member of the Institute
of Chartered Accountants of
India and Associate Member of
the Institute of Cost & Works
Accountants of India.
Fellow Member of the Institute of
Chartered Accountants of India.
Expertise in specic
functional areas
Has served the Indian Army over
34 years and has enriched and
multifarious experience of about
20 years in managing the affairs
of the bodies corporate.
Experience of over 36 years in
Capital Market, Finance, Taxation,
Corporate Affairs and General
Management.
Specialises in Business and
Corporate Advisory, Foreign
Taxation and Financial
Consultancy.
Directorship held
in other public
companies (excluding
foreign companies)
DLF Cyber City Developers
Limited
DLF Home Developers Limited
Eros Retail Private Limited
Enki Retail Solutions Private
Limited
DLF Assets Private Limited
Caraf Builders & Constructions
Private Limited
Integrated Capital Services
Limited
RAAS e Solutions Private Limited
Aegon Religare Life Insurance
Company Limited
Chambal Fertilisers & Chemicals
Limited
Emami Limited
Great Eastern Energy Corporation
Limited
HT Media Limited
ICICI Venture Funds Management
Company Limited
J K Lakshmi Cement Limited
National Engineering Industries
Limited
S Mobility Limited
Committee Positions
held in DLF Limited*
Shareholders’ / Investors’
Grievance Committee – Member
Audit Committee – Member Audit Committee – Chairman
11
Name of Director Brig. (Retd.) N.P. Singh Mr. B. Bhushan Mr. K.N. Memani
Committee Positions
in other Public
Companies*
Audit & Compliance Committee
DLF Home Developers Limited –
Member
Shareholders’/Investors‘
Grievance Committee
Integrated Capital Services
Limited – Member
Audit Committee
Great Eastern Energy Corporation
Limited – Chairman.
HT Media Limited – Chairman.
ICICI Venture Funds Management
Company Limited – Chairman.
S Mobility Limited – Chairman.
National Engineering Industries
Limited – Member.
Aegon Religare Life Insurance
Company Limited – Member.
Chambal Fertilisers & Chemicals
Limited – Member.
Shareholders’/Investors’
Grievance Committee
Great Eastern Energy Corporation
Limited – Member.
Relationships
between Directors
inter-se
Nil Nil Nil
Number of Shares
held
Nil Nil Nil
* Committee positions of only Audit and Shareholders’/Investors’ Grievance Committee included.
Directors’ Report
Bella Greens*, Bengaluru
*This is an artist’s impression
13
Directors’ Report
Your Directors have pleasure in presenting their
48
th
Report on the business and operations of the
Company together with the audited results for the
nancial year ended 31
st
March, 2013.
Consolidated Financial Results
(` in crore)
2012-13 2011-12
Consolidated Revenue / Turnover 9,095.74 10,223.85
Gross Operating Prot 3,949.11 4,498.79
Less: Finance Charges 2,314.04 2,246.48
Less: Depreciation 796.24 688.83
Prot before Tax 838.83 1,563.48
Exceptional items 32.96 15.98
Less: Provision for Tax 125.11 369.35
Prot before minority interest 680.76 1,178.15
Share of Prot/(loss) in associates 4.13 (1.50)
Minority interest 44.50 33.64
Prot after Tax, minority interest and
before prior period items
729.39 1,210.29
Prior period items (17.47) (9.47)
Net Prot 711.92 1,200.82
Your Company recorded consolidated revenues
of ` 9,095.74 crore in FY’13 as compared to
` 10,223.85 crore in FY’12, a decrease of 11%.
The gross operating prot, on consolidated basis,
decreased to ` 3,949.11 crore from ` 4,498.79 crore,
a decrease of 12%. The prot after tax, minority
interest and prior period items was ` 711.92 crore
as compared to ` 1,200.82 crore for the previous
year, a decrease of 41%.
The reasons for the above decrease were
primarily due to lower operating margin because
of lower sales, increase in construction costs
and higher depreciation coupled with continuing
high interest costs. The sales / margin reported
were also impacted due to the new Guidance
Note on Accounting for Real Estate transaction
issued by ICAI for all projects launched on or after
1
st
April, 2012.
Review of Operations
The year under review was a sluggish year in
terms of economic growth, largely because of
high interest rates, ination, lower GDP growth
impacting sentiments and investor interest across
businesses.
Your Company booked gross sales of approximately
7.23 msf of residential and commercial space
across different geographies valued at ` 3,815
crore. The Company has launched 4.27 msf and
delivered 12.4 msf during the year.
The Company’s launches in the residential
segment comprised a well balanced product mix
of premium homes and plotted development and
received a good response.
In the rental business, your Company contracted
additional leasing of 1.14 msf during the year, taking
the total leased space to approximately 23.82 msf
across commercial ofces and retail malls.
Your Company unlocked ` 3,160 crore during
the year by divesting certain non-core and
non-strategic assets.
Your Company met all stakeholder commitments in
time during the year, including those to the lending
institutions despite tight liquidity conditions.
The performance of the Company on standalone
basis for the year ended 31
st
March, 2013 is as
under :
Standalone
(` in crore)
2012-13 2011-12
Turnover 3,304.84 4,582.67
Gross Operating Prot 2,544.31 3,201.33
Less: Finance Charges 1,709.89 1,553.78
Less: Depreciation 141.89 139.84
Prot before Tax 692.53 1,507.71
Less: Provision for Tax 175.86 458.77
Prot after Tax 516.67 1,048.94
Prior-period items (net) (15.11) (7.15)
Net Prot 501.56 1,041.79
14
encompassing skill development, education and
health are targeted at the underserved sections
of society and towards inclusive growth. In
addition, your Company, from the design and
through construction stages strives for the most
environment friendly technologies.
In compliance with Circular No.CIR/CFD/
DIL/8/2012 dated 13
th
August, 2012, wherein
SEBI has mandated top 100 companies, based
on market capitalization at BSE and NSE to
include Business Responsibility Report as part of
the Annual Report describing the initiatives taken
by the Company from social, environmental and
governance perspectives. However, as a green
initiative, the Company has hosted the said report
on the website www.dlf.in. The said report shall
be made available to any member of the Company,
upon request to the Company Secretary at the
Registered Ofce of the Company.
Credit Rating
CRISIL has revised its outlook vide letter dated
23
rd
May, 2013 on long-term bank facilities of
` 12,215 crore and debt instruments ` 5,000
crore to ‘Stable’ from ‘Negative’, while reafrming
the rating at “CRISIL A” (pronounced “CRISIL A”
rating). The rating on short-term facilities of ` 3,515
crore and debt programme of ` 3,000 crore have
been reafrmed at “CRISIL A2+”.
ICRA has reaffirmed the rating of NCD
programme of ` 4,000 crore and ` 12,754 crore
line of credit at [ICRA] A (pronounced ICRA A)
vide its letter dated 2
nd
April, 2013.
Fixed Deposits
The Company has not accepted/renewed any
public deposits during the year under review.
Subsidiary Companies and Consolidated
Financial Statements
The Consolidated Financial Statements of the
Company and its subsidiaries, prepared in
accordance with applicable accounting standards,
issued by the Institute of Chartered Accountants
of India, form part of the Annual Report. In terms
of the Circular No.2/ 2011 dated 8
th
February,
2011 issued by the Ministry of Corporate Affairs,
Government of India, the Board of Directors has,
at its meeting held on 30
th
May, 2013 passed
Future Outlook
Your Company expects sluggish economic and
business environment to continue to be challenging
for the next few quarters. The Company shall
continue to focus on luxury premium housing, timely
execution and delivery of its projects, divestment of
residual non-core assets and cash conservation.
The development business is expected to have
a healthy launch pipeline in the coming year. The
rental business is expected to sustain moderate
momentum for future leasing. The Company’s
emphasis will be on cash ow maximization.
Your Company expects to continue its targeted
divestment of non-core assets.
Dividend
Your Directors are pleased to recommend a
dividend of ` 2 per equity share (100%) (previous
year - ` 2 per equity share) for the FY’13 amounting
to ` 355.95 crore (previous year ` 339.67 crore)
for approval of the members.
Your Company proposes to transfer ` 50.16 crore
to general reserve.
Changes in Capital Structure
Issue of Equity Shares under IPP. In May, 2013,
the Company has issued 8,10,18,417 equity
shares of face value of ` 2 each at an issue price
of ` 230 per share, aggregating to ` 1,863.42
crore. The Issue was channelised through the
Institutional Placement Programme (IPP) in terms
of Chapter VIII-A of the Securities and Exchange
Board of India (Issue of Capital and Disclosure
Requirements) Regulations, 2009 as amended, in
order to achieve minimum public shareholding of
25%. Post issue, the paid-up share capital of the
Company was increased by ` 16.20 crore.
Issue of Equity Shares under ESOP. During the
year under review, your Company has allotted
3,33,358 equity shares of ` 2 each fully paid
upon exercise of stock options by the eligible
employees under the Employee Stock Options
Scheme, 2006 thereby increasing the paid-up
share capital by ` 0.07 crore.
Corporate Sustainability & Business
Responsibility Report
Your Company’s social sustainability initiatives
15
2006, shall be placed at the forthcoming Annual
General Meeting.
Listing at Stock Exchanges
The equity shares of your Company including fresh
issue of 8,10,18,417 shares issued under IPP to
achieve minimum public shareholding, are listed
on NSE and BSE (the stock exchanges). The non-
convertible debentures issued by your Company
are also listed on the Wholesale Debt Market
(WDM) segment of NSE. The listing and custody
fee for the FY 2013-14 have been paid to the stock
exchanges, NSDL & CDSL, respectively.
Pursuant to Clause 5A of the Listing Agreement,
the Company has opened two separate suspense
accounts for shares issued in dematerialised and
physical form which remain unclaimed. As on 31
st

March, 2013, 4,970 dematerialised equity shares
and 3,73,693 physical equity shares were lying
unclaimed.
Management Discussion & Analysis Report
The Management Discussion and Analysis
Report, as required under Clause 49 of the listing
agreement with the stock exchanges, forms part of
this Report.
Corporate Governance Report
The Corporate Governance Report, as stipulated
under Clause 49 of the listing agreement, forms
part of this Report.
The requisite certicate from the Statutory Auditors
of the Company, M/s. Walker, Chandiok & Co,
Chartered Accountants, conrming compliance
with the conditions of corporate governance
as stipulated under the aforesaid Clause 49, is
attached to Corporate Governance Report.
Directors’ Responsibility Statement
As required under Section 217(2AA) of the
Companies Act, 1956, your Directors conrm
having:
a) followed, in the preparation of the Annual
Accounts, the applicable accounting
standards and there are no material
departures;
b) selected such accounting policies and
applied them consistently and made
a resolution giving consent for not attaching the
Balance Sheet, Statement of Prot & Loss and
other documents of the subsidiary companies. The
required information on subsidiary companies is
given in this Annual Report. The said documents/
details shall be made available, upon request, to
any member and will also be made available for
inspection by any member at the registered ofce
of the Company during working hours up to the
date of the Annual General Meeting.
The Company has appointed Independent
Director(s) in its material non-listed subsidiaries in
compliance with the provisions of listing agreement
with stock exchanges.
Conservation of Energy, Technology
Absorption and Foreign Exchange
Earnings and Outgo
The particulars required to be disclosed under
Section 217(1)(e) of the Companies Act, 1956 read
with the Companies (Disclosures of Particulars in
the Report of Board of Directors) Rules, 1988 are
given at Annexure-A hereto and form part of this
Report.
Particulars of Employees
In terms of the provisions of Section 217(2A) of the
Companies Act, 1956 read with the Companies
(Particulars of Employees) Rules, 1975, as
amended, the names and other particulars of
the employees are set out in the annexure to the
Directors’ Report. However, as per the provisions of
Section 219(1)(b)(iv) of the said Act, the Directors’
Report and the Accounts are being sent to all the
members of the Company and others entitled
thereto excluding the statement of particulars of
employees. Any member interested in obtaining
such particulars may write to the Company Secretary
at the Registered Ofce of the Company.
Employee Stock Option Scheme (ESOS)
Information in terms of Clause 12 of the SEBI
(Employee Stock Option Scheme and Employee
Stock Purchase Scheme) Guidelines, 1999 is
provided at Annexure-B.
The certicate, as required under Clause 14 of the
said Guidelines, and as obtained from the Statutory
Auditors with respect to the implementation of
the Company’s Employee Stock Option Scheme,
16
Directors, retire by rotation at the ensuing Annual
General Meeting and being eligible, have offered
themselves for re-appointment.
Brief resume of the Directors proposed to be re-
appointed and other details as stipulated under
Clause 49 of the listing agreement, are provided
in the Notice for convening the Annual General
Meeting.
Corporate Social Responsibility
The Company has made signicant investments
in community welfare initiatives including the
underprivileged through education, training,
health, environment, capacity building and rural-
centric interventions as detailed at Annexure-C.
The employees of the Company also participated
in many of such initiatives.
Acknowledgements
Your Directors wish to place on record their
sincere appreciation to all the employees for their
dedication and commitment. The hard work and
unstinting efforts of the employees have enabled
the Company to sustain and further consolidate its
position in the industry.
Your Company continues to occupy a place of
respect among stakeholders, most of all our
valuable customers. Your Directors would like to
express their sincere appreciation for assistance
and co-operation received from the vendors
and stakeholders including nancial institutions,
banks, Central and State Government authorities,
customers and other business associates, who
have extended their valuable and sustained support
and encouragement during the year under review.
It will be the Company’s endeavour to build and
nurture these strong links with its stakeholders.
For and on behalf of the Board of Directors
(Dr. K.P. Singh)
May 30, 2013 Chairman
judgments and estimates that are reasonable
and prudent so as to give a true and fair view
of the state of affairs of your Company at the
end of the nancial year and of the prots of
your Company for the period;
c) taken proper and sufcient care for the
maintenance of adequate accounting
records in accordance with the provisions of
the Companies Act, 1956 for safeguarding
the assets of your Company and for
preventing and detecting fraud and other
irregularities; and
d) prepared the Annual Accounts on a going
concern basis.
Auditors
The Auditors, M/s. Walker, Chandiok & Co,
Chartered Accountants, hold ofce until the
conclusion of the forthcoming Annual General
Meeting and are eligible for re-appointment.
Certicate from the Auditors has been received
to the effect that their re-appointment, if made,
would be within the limits prescribed under Section
224(1B) of the Companies Act, 1956 and they
are not disqualied for re-appointment within the
meaning of Section 226 of the said Act.
Auditors’ Report
The observation given in point no. 6 of the Auditors’
Report on Consolidated Financial Statements read
with note no. 38 of the Consolidated Financial
Statements are self-explanatory and do not call for
any further comments.
Cost Auditors
The Company has appointed M/s. R. J . Goel &
Co., Cost Accountants in compliance with Cost
Accounting Records (Electricity Industry) Rules,
2011 for its wind power generation business. The
Cost Audit Report for FY 2012-13 shall be led by
the Cost Auditor in due course.
Directors
Pursuant to Section 256 of the Companies Act,
1956 read with the Clause 102 of the Articles of
Association of the Company, Brig. (Retd.) N. P.
Singh, Mr. B. Bhushan and Mr. K. N. Memani,
17
ANNEXURE - ‘A’
Disclosure of Particulars under Section 217(1)(e) of the Companies Act, 1956 read with the
Companies (Disclosure of Particulars in the Report of Board of Directors) Rules, 1988
A. CONSERVATION OF ENERGY
a) Energy Conservation measures taken. Installed 161 MW of Green wind based power turbines at Gujarat
& Karnataka.
b) Additional Investment and proposals, if any, being
implemented for reduction of consumption of energy.
Nil
c) Impact of the measures at (a) and (b) above for reduction
of energy consumption and consequent impact in the cost
of production of goods.
The wind power generation reduces about 2.9 lac tonnes of CO
2

emissions annually and thus generates approximately 2.9 lac
Carbon credits (CER).
48,915 CERs have been issued by UNFCCC for wind power
generation upto 31.03.2012 in the state of Karnataka.
6,86,168 CERs have been issued by UNFCCC for wind power
generation upto 31.03.2012 in the state of Gujarat.
d) Total energy consumption and energy consumption per
unit of production as per Form-A of Annexure to the Rules
in respect of industries specied in the schedule thereto.
As per Form A annexed.
B. TECHNOLOGY ABSORPTION
e) Efforts made in technology absorption. As per Form B annexed.
C. FOREIGN EXCHANGE EARNINGS AND OUTGO
f) i) Activities relating to exports. The Company is engaged in developing/ constructing residential
and commercial properties in India and selling the immovable
properties to customers in India and abroad.
ii) Initiatives taken to increase exports. The Company does not have any export activities.
iii) Development of new export markets for products and
services.
The Company receives remittances of sale consideration for
immovable properties located in India, purchased by the customers
abroad
iv) Export Plans. The Company has ongoing initiatives to increase the sale of
immovable properties to the customers abroad. These include
holding meetings with customers at different locations overseas,
attending exhibitions, fairs, etc. with a view to develop personal
contacts with overseas customers. While designing its products, the
Company bears in mind international trends and NRIs preferences
in housing.
g) Total Foreign Exchange earned and used. (` in crore)
2012-13 2011-12
a) Foreign Exchange earned 48.53 53.38
b) Foreign Exchange used 141.30 124.14
18
FORM – A
Form for Disclosure of Particulars with respect to Conservation of Energy
A. Power and fuel consumption
1. Electricity
a) Purchased 2012-13 2011-12
Unit 1,27,09,332 82,14,320
Total Amount (in `) 11,08,40,467 5,22,65,942
Rate per Unit 8.70 6.40
b) Own Generation
i) Through diesel generation
Unit 3,67,687 65,57,550
Unit per litre of diesel oil 3.20 3.50
Cost/Unit (in `) 10.80 10.50
ii) Through gas turbine/generator - -
Unit - -
Unit per litre of fuel oil/gas - -
Cost/Unit (in `) - -
2. Coal (Specify quantity and where used)
Quantity (tonnes) NA NA
Total Cost (in `) NA NA
Average Rate NA NA
3. Furnace Oil
Quantity (K. Litres) NA NA
Total Amount (in `) NA NA
Average Rate NA NA
4. Others/internal generation through wind energy
Quantity (Units) 31,45,90,255 32,25,96,677
Total Cost (in `) 23,20,36,352 20,22,10,660
Rate/Unit (in `) 0.74 0.63
B. Consumption per unit of production
Standards (if any) 2012-13 2011-12
Products (with details) unit - NA NA
Electricity - NA NA
Furnace Oil - NA NA
Coal (specify quality) - NA NA
Others (specify) - NA NA
FORM – B
Form for Disclosure of Particulars with respect to Absorption
Research and Development (R&D)
1. Specic areas in which R & D carried out by the Company. Nil
2. Benets derived as a result of the above R & D. -
3. Future plan of action. -
4. Expenditure on R & D Nil
a. Capital
b. Recurring
c. Total Nil
5. Total R&D expenditure as a percentage of total turnover. Nil
Technology absorption, adaptation and innovation
1. Efforts, in brief, made towards technology absorption, adaptation and
innovation.
Company has wind based power generation in
the states of Gujarat & Karnataka.
19
2. Benets derived as a result of the above efforts. The wind based green power generation has
been 3,145 lac units for the FY 2012-13.
3. In case of imported technology (imported during the last 5 years reckoned from
the beginning of the nancial year) following information may be furnished:
Technology imported a)
Year of import b)
Has technology been fully absorbed c)
If not fully absorbed, areas where this has not taken place, reasons d)
therefor and future plan of action
NA
ANNEXURE – ‘B’
Statement pursuant to Clause 12 of SEBI (Employee Stock Option Scheme and
Employee Stock Purchase Scheme) Guidelines, 1999 as on 31
st
March, 2013
(a) Options granted (Active Options). 51,60,235
(b) Pricing formula. Intrinsic Value
(c) Options vested. 3,52,290
(d) Options exercised. 3,36,244
(e) Total number of equity shares arising as a result of exercise of options. 3,36,244 (3,33,358 shares were allotted),
(f) Options forfeited. 3,29,558
(g) Variation of terms of options. N.A.
(h) Money realized by exercise of options. ` 6,72,488
(i) Total number of options in force at the end of the year. 51,60,235
(j) Employee wise detail of options granted during the nancial year 2012-13:
(i) Senior Managerial Personnel (Directors on Board) Nil
(ii) Any other employee receiving grant in any one year of option amounting
to 5% or more of the options granted during the year
Nil
(iii) Identied employees who are granted options, during any one year, equal
to or exceeding 1% of the total issued capital (excluding outstanding
warrants and conversions) of the Company at the time of grant.
Nil
(k) Diluted Earnings Per Share (EPS) pursuant to issue of shares on exercise of
option calculated in accordance with Accounting Standard (AS 20 - Earnings
Per Share).
` 2.95
(l) Where the Company has the employee compensation cost using the intrinsic
value of the stock options, the difference between the employee compensation
cost calculated using intrinsic value of stock options and the employee
compensation cost recognized if the fair value of the options had been used
and the impact of this difference on prots and EPS of the Company.
The Company has calculated the employee compensation cost using
the intrinsic value of the stock options measured by a difference between
the fair value of the underline equity shares at the grant date and the
exercise price. Had compensation cost been determined in a manner
consistent with the fair value method, based on Black – Scholes model,
the employee compensation cost would have been lower by ` 313.73 lac
and proforma prot after tax would have been ` 50,368.41 lac (higher by
` 211.94 lac). On a proforma basis, the basic and diluted earnings per
share would have been ` 2.97 and ` 2.96, respectively.
(m) Weighted average exercise price and weighted average fair value of options
whose exercise price equals or exceeds or is less than market price of the
stock.
Exercise Price: ` 2 per equity share.
Weighted Average Fair Value of options -
J uly 1, 2007 442.52
October 10, 2007 735.04
J uly 1, 2008 380.83
October 10, 2008 293.68
J uly 1, 2009 292.69
October 10, 2009 397.83
Description of method and signicant assumptions used during the year to
estimate fair value of options.
The Company has used the Black-Scholes model for computation of
fair valuation. Signicant assumptions used at the time of grant are as
under:
Grant
I
Grant
II
Grant
III
Grant
IV
Grant
V
Grant
VI
Dividend yield (%) 0.28 0.28 0.57 0.73 0.86 0.64
Expected life
(number of years)
6.50 6.50 5.50 5.50 5.50 5.50
Risk free interest
rate (%)
8.37 8.09 9.46 8.17 6.75 7.26
Volatility (%) 82.30 82.30 52.16 59.70 86.16 81.87
20
Corporate Social Responsibility ANNEXURE – ‘C’
awarded during the academic session 2012-13 in
disciplines such as Engineering, IT, MBBS, MBA,
MSW and Fine Arts.
Ski l l Devel opment. The Skill Development
Programme, which was launched in August,
2011 with the aim to develop skill and employ
one million underserved and deserving youth
across the country over the next 10 years,
saw further establishment of 24 Skill Training
Institutes and Training Centres across various
states for providing training and employment
to the poor deserving youth in numerous
industry driven trades like hospitality, sales and
marketing, information technology, electronics
and construction to name a few. With excellent
market linkages, this initiative resulted in
ensuring employment for the skilled youth in a
number of well reputed companies including
many multinational organisations in the country.
Integrated Village Cluster Development
Programme. The Integrated Cluster Village
Development Programme was launched this
year with the mission of empowering rural
underprivileged communities and creating
opportunities for them to promote their holistic
development. Three clusters of ve Villages
each in Haryana and Punjab were adopted
and the initiatives included establishment of 5
primary health centres, 12 mobile health centres,
sanitation drives, two waste management units, 22
mobile rural libraries, 22 rural learning excellence
centres, Mid Day Meals in Schools, Scholarship
Programme, Skill Centres and the Food Bank
Programme.
Gurgaon Renewal Mission. To address the
challenges of growth, Gurgaon Renewal Mission
(GRM), was launched in November 2011 driven
by a coalition of partners comprising civil society,
business and government. DLF Foundation has
supported the movement by supporting organizing
several events and providing the much needed
infrastructure as well as secretarial support, apart
from launching an integrated urban development
programme.
General
During the year under review DLF Foundation
achieved further milestones in sustainable
development and in improving the lives of the
underserved communities in certain geographies.
Focusing on holistic growth and quality education,
the Talent Nurturing Programme brought smiles
to a large number of poor and needy children
being supported through DLF sponsored schools
and scholarships. The Skill Development
programme further worked on enhancing income
levels of youths by enabling them with industry
needed skills and ensuring their employment. The
Village Cluster Development Programme aimed at
ensuring holistic development of village clusters
focusing on necessary elements of healthcare,
education, sanitation, infrastructure and community
development.
In addition to these Flagship Programmes,
DLF Foundation has also continued its ongoing
initiatives like the establishment of Food Bank,
animal care, labour welfare and environment.
Further, a citizen’s movement was launched by
us in partnership with all stakeholders comprising
of civil society, businesses and the Government
in the form of the “Gurgaon Renewal Mission” by
providing a platform for all to interact with each
other and help bringing about perceptible changes
for the betterment of Gurgaon.
Flagship Initiatives
Talent Nurturing. Launched in 2011 in the
memory of the founder of DLF Ltd., the Ch.
Raghvendra Scholarship Programme, supports
meritorious students hailing from underprivileged
families. Under the programme, the Foundation
has supported 132 meritorious students from 26
government schools at the primary and secondary
school level, by enrolling them in private schools
and undertaking all their educational expenses.
Scholarships. At undergraduate and postgraduate
levels, DLF Foundation has partnered with over 19
colleges and universities in Haryana, Uttar Pradesh
and Delhi. As many as 93 scholarships have been
21
Educational Programmes
Rural Learning Excellence Centres. The Centres
train students in 22 government schools in the
rural areas of Gurgaon to improve their academic
education. In addition, the rural mobile library
programme covers over 2,500 children every year.
Slum Schools. Four DLF schools spread over
major villages of Gurgaon catering to the slum
dweller’s children provide free education to all
students. Over 2,400 students are studying at
these DLF schools.
Primary Education Centres and Crèches.
Primary Education Centres and Crèches have
been established at 6 construction sites located
in the clusters. These Centres provide primary
education to children of construction workers.
Rural Schools. DLF Foundation has established
30 rural schools in Haryana, UP and Punjab in
partnership with Bharti Foundation. Situated in
remote areas, these rural schools educate 12,000
children every year with a focus on the girl child.
These schools aim to signicantly change the
way education is imparted with the help of trained
faculty and information technology.
Urban Schools. The SBM Senior Secondary
School, a Government aided school in Delhi has
been established with the best of infrastructure.
The students studying at the school hail from low
income families.
Healthcare Initiatives
Rural Primary Health Centres. DLF Foundation
is running a rural health care programme under
which ve Rural Primary Health Centres have
been set-up in Haryana and Punjab. Equipped with
diagnostic labs, these Centres provide free medical
treatment, free diagnostics and medicines to over
one and a half lakh rural community. Specialists
are available at the Centres and partnerships
have been established with leading hospitals for
evacuation and treatment of patients for secondary
and tertiary care.
Eye Care camps. A large number of eye care
camps continue to be organized in rural areas
around Gurgaon with diagnostics and surgical
care facility being provided.
Mobile Medicare. DLF has been the rst to start
the Mobile Medicare Programme for all construction
workers working in Gurgaon. Equipped with the
latest equipment and highly trained doctors and
specialists, the Mobile Medical Vans provide
free examination and treatment to over 16,000
construction workers employed across DLF
projects in Gurgaon.
Other Initiatives
CGS Veterinary Hospital. India’s rst State-of-
the-art private veterinary hospital in Gurgaon with
ultra modern facilities like laser surgery, ultra sonic
testing and modern lab facilities for animal care
was established in Gurgaon with nancial support
from DLF Ltd. This year stem cell surgery was
introduced making it the only facility in the country
to be implementing this new modern technology
based on the ndings of International Research.
This facility will also cater to stray animals who are
treated at the hospital at no charge.
Environment. DLF Foundation pays special
attention to environmental improvements. During
2012-13, 12,000 trees have been planted, taking
the total to over 5 lac trees.
Distribution of Free Food. DLF Foundation
facilitates free meals everyday to over 1.7 lac
underprivileged population.
Management Discussion
& Analysis Report
DLF Capital Greens*, Phase-III, New Delhi
*This is an artist’s impression
23
Management Discussion & Analysis Report
I ECONOMY OVERVIEW
As recently assessed by Reserve Bank of India
(RBI) in its annual monetary policy in the context
of global economy, while near-term risks in the
advanced economies started receding in the last
quarter of FY’13, the improvement, however, is
yet to fully transmit to economic activity which
remains sluggish. Emerging and developing
economies are in the process of a recovery.
However, weak external demand and domestic
bottlenecks continue to restrain investment in
some of the major emerging economies. Ination
risks in emerging and developing economies
appear contained, reecting negative output
gaps and the recent softening of international
crude and food prices.
In India, the loss of growth momentum that
started in Fiscal 2012 extended further into
Fiscal 2013. In Fiscal 2012, the Indian economy
had registered a growth rate of 6.5%, down from
8.4% in Fiscal 2011. According to the RBI, the
expected GDP growth rate for Fiscal 2013 is
approximately 5%, lowest in the decade. This
was mainly due to the protracted weakness in
industrial activity aggravated by domestic supply
bottlenecks, and slowdown in the services sector
reecting weak external demand.
On the ination front, last year saw consistent
easing of headline WPI ination which came
close to the Reserve Bank’s tolerance threshold
by March, 2013. However, the food price
pressures and endemic supply constraints
continue to persist suggesting a cautious
approach by RBI in near to medium term. In its
latest annual monetary policy, RBI has indicated
that the balance of risks stemming from its
assessment of growth-ination dynamic yields
leaves little manoeuvring space for further
monetary easing.
RBI’s current assessment is that activity will
remain subdued during the rst half of this
year with a modest pick-up in the second half.
Agricultural growth could return to trend levels if
the monsoon is normal as recently forecast. The
outlook for industrial activity remains subdued
because the pipeline of new investment has
dried up and existing projects remain stalled by
bottlenecks and implementation gaps. Growth
in services and exports may remain sluggish
too, given that global growth is unlikely to
improve signicantly from 2012. Accordingly,
the Reserve Bank’s baseline projection of GDP
growth for 2013-14 is 5.7%.
II THE INDIAN REAL ESTATE SECTOR
Reecting the trends of the overall economy,
the year was not favourable for the real
estate sector. It was received with a cautious
sentiment amongst end-users and investors
alike in the rst half of the year, albeit with
some momentum that began to build up in the
third quarter with higher transactions in the
commercial ofce sector while the residential
sector saw more projects being launched, and
the retail sector witnessed the introduction of
51.0% FDI in multi-brand retail. Developers
found it difcult to raise debt from banks in
India due to the tightening of the credit policy.
Compounding their troubles, their cash ows
were adversely affected due to slow off-takes
on one hand and increase in input costs on
the other.
Residential Segment
Despite the end-users being conservative in their
purchasing decisions, housing markets across
India exhibited a mixed trend in Fiscal 2013.
Some cities, such as National Capital Region,
Chennai and Pune saw moderately higher
infusion of new projects driven by sustained
demand. However, whilst cities like Bengaluru
and Kolkata witnessed healthy supply, they
also witnessed cautious demand. Hyderabad
and Mumbai saw restraint in the number of
project launches due to stringent changes in
new Development Control Rules that caused
developers to reassess their development plans
for new projects. Even in the backdrop of the
prevailing high property prices and home loan
rates, select high-end and premium markets
of major cities like NCR, Bengaluru, Kolkata,
24
Chennai and Pune registered year on year price
rise.
An additional demand of approximately 2.1
million housing units is expected in the next ve
years across the top eight cities (comprising of
NCR, Mumbai, Kolkata, Hyderabad, Chennai,
Bengaluru, Pune and Ahmedabad) during the
period between 2012 and 2016. Of the total
expected demand in the top eight cities, the
mid income group (MIG) segment is estimated
to be approximately 59.0% at 1.3 million units
followed by demand from the higher income
group (HIG) which is 451,000 units and the
lower income group (LIG) with 362,000 units.
Commercial Segment
The global economic scenario has remained
volatile and weak market sentiments continued
in Fiscal 2013, worsened by the absence of
major policy developments during the year.
Most Indian markets experienced continued
moderation of absorption. Total ofce space
supply saw a steady increase over the quarters.
Mumbai saw the highest addition of supply
followed by Bengaluru. Most cities in 2013 saw
marginal appreciation of rents in the rst three
quarters despite slower demand.
The ve year period between 2012 and 2016, is
expected to witness absorption of nearly 180.0
msf of developed space across eight major
cities. The top three ofce markets of Bengaluru,
Mumbai and NCR, due to their attractive supply
of Grade A ofce spaces and the talent pool
available to multinational companies in these
cities, will continue to dominate the absorption
with nearly 57.0% of the total absorption
being concentrated in these cities. The overall
absorption is likely to increase at a CAGR of
5.0%. Supply, on the other hand, is expected to
witness moderate annual growth of around 2.0%
over these years.
Retail Segment
In terms of rental trends, during Fiscal 2013, the
rental values in malls across the major Indian
cities exhibited a stable trend, except certain
prime micro markets.
The organized retail market size in India is
estimated to grow from U.S.$ 22.5 billion in
2012 to U.S.$ 42.0 billion by 2020. The total
mall stock spread across the top eight cities in
India was estimated at 64.7 msf. This sudden
growth in retail activities in India may have
led developers to overestimate the demand.
Demand for retail space was further affected by
factors such as inefcient mall management,
lack of understanding of tenant mix and
absence of new retailing methods, which have
kept retailers at bay from many projects in the
initial period of mall development. Developers
have since been cautious, while, at the same
time, creating high quality, well serviced retail
malls and adopting innovative rental structures
to ensure that their malls have high occupancies
and footfalls.
FDI in multi-brand retail will increase the fund
ow in the sector over the next few years. As
more international brands are introduced with
quality product mix and best practices, new
segments will evolve and the quality of future
retail real estate supply in India will have an
important role to play. Further, with the growth
of private consumption due to relaxation in
headline ination and anticipated decline in
interest rates, the retail dynamics in India may
witness a second round of renement in retail
practices, designs and formats.
Key Developments In The Indian Real
Estate Regulatory Framework
Draft Real Estate Bill
The Draft Real Estate Bill seeks to regulate
the real estate sector by establishing a real
estate regulatory authority (“RERA”) and an
appellate tribunal. The bill aims at ensuring the
sale of immovable properties in an efcient and
transparent manner in the real estate sector.
The Draft Real Estate Bill currently awaits
approval of the cabinet.
Draft Land Acquisition Bill
The Draft Land Acquisition Bill seeks to govern
processes in relation to land acquisition in
India and contains provisions relating to the
compensation, rehabilitation and resettlement
of persons affected by such acquisitions. The
25
Draft Land Acquisition Bill was introduced in
the Indian Parliament and is currently pending
approval.
III. BUSINESS AND FINANCIAL PERFORMANCE
& OUTLOOK
1. STRATEGY
Your Company is now seeking to concentrate
on certain key geographic markets, and
to achieve a suitable product and price
combination in these markets. Your Company
is also investing in the development of
supporting urban infrastructure in certain
select, strategic locations to ensure the high
quality of developments. Your Company’s
current strategy is aimed at developing its core
business, rationalizing its costs and reducing
its levels of indebtedness. However, as your
Company seeks to focus on its core business,
it faces several challenges, including an
uncertain economic, regulatory and taxation
environment.
As your Company continues to implement its
strategies, its nancial condition at the end of
Fiscal 2013 reects the on-going effect of the
above economic and business factors. Your
Company believes that demand conditions
in the real estate sector are exhibiting early
signs of improvement, and signs of declining
interest rates as well as renewed activity in
the lending and public capital markets are
expected to ease funding pressures. As
your Company continues to build on its core
business of real estate development and
leasing, your Company believes that it is
well placed to achieve its targets of reducing
its overall indebtedness, executing its real
estate development and leasing operations
and taking advantage of a potential revival
in economic growth and its resultant positive
effects on the real estate sector.
The key elements of its business strategy are
as follows:
(a) Focus on its core business of real
estate development and leasing
The Development Business is focused
primarily on the development of premium and
luxury residential projects and plotted “gated”
colonies. Your Company intends to continue
outsourcing most of its construction related
activities as well as project management to
high quality third-party contractors and rms
with an aim to improve execution timetables, to
enable focus on the Company’s core activity of
real estate development and embark on more
complex and ambitious projects.
(b) Launch certain select residential and
commercial projects
Your Company plans to focus on the
development and launch of residential projects
in certain key Metro and Tier I locations. As
of 31
st
March, 2013, your Company had 27
Projects under Construction for residential
properties with expected saleable area
of approximately 36.7 msf. Further, your
Company plans to focus on certain commercial
and shopping complexes in select locations,
mainly in non-metro cities, with approximately
3.96 msf of saleable area under construction.
(c) Continue to focus on the growth of
lease business
Your Company believes that the income from
its lease business will continue to increase over
a period of time on account of an escalation
in lease income in accordance with the terms
of its lease deeds with the tenants, besides
an increase in market rates in general. Your
Company believes that the high quality and
convenient location of its commercial and retail
properties, as well as the modern facilities,
infrastructure and amenities that it offers to
the tenants, will assist it in differentiating its
leased portfolio properties from those offered
by its competitors. Your Company proposes
to increase its leased commercial and retail
portfolio properties in order to meet increased
demand over the medium term.
(d) Planned divestiture of selected non-
core assets and businesses
Your Company intends to continue the planned
divestiture of select, non-core assets and non-
strategic businesses. Your Company realized
proceeds of ` 3,160 crore during FY’13 from the
divestment of non-core assets and businesses
26
and should receive certain proceeds in FY’14.
The assets divested during FY’13 included:
Land parcels in select cities (Mumbai and
NCR);
Adone Hotels and Hospitality Limited,
which held land parcels in Chennai,
Mysore, Kolkata and Thiruvananthapuram
for development of hotels and other
hospitality projects;
Your Company’s wholly-owned subsidiary,
DLF Global Hospitality Limited entered
into a share purchase agreement
with Mahaman Assets Limited on
12
th
December, 2012 to sell its 100%
shareholding in Silverlink at an enterprise
value of approximately U.S.$300.0 million
(approx. ` 1,628 crore); and
Your Company has entered into denitive
business transfer agreement with BLP Vayu
(Project 1) Private Limited (‘BLP Vayu’),
a subsidiary of Bharat Light & Power, for
transferring of its undertaking comprising
of 150 MW capacity wind turbines situated
at Kutch, Gujarat on ‘as is where is basis’
by way of slump-sale for a lump sum
consideration of ` 282.3 crore. Subject to
the fullment of the terms and conditions
by both the parties in accordance with the
said agreement and regulatory approvals,
the said undertaking including assets and
liabilities along with relevant long term
loans would be transferred to BLP Vayu.
(e) Reduce Debt
Your Company’s aggregate Net Debt
amounted to ` 21,731 crore as of 31
st
March,
2013. On account of lack of any signicant
reductions in bank rates by RBI, your Company’s
average cost of debt has continued to range
between 12.5% and 13.0% in FY’13. Your
Company believes that it is important to reduce
its overall indebtedness and the cost of debt
in order to improve the performance. Towards
this end, your Company intends to utilize a
substantial portion of the proceeds from the
divestiture process, and proceeds from the new
equity issuance undertaken recently to reduce
its debt.
(f) Rationalize Costs and Capital
Expenditure
Your Company does not expect to incur
signicant capital expenditure for the commer-
cial projects as a substantial portion of capital
expenditure for such projects has already been
incurred. Your Company plans to incur capital
expenditure towards development of certain
retail projects in the near to medium future.
Further, in order to mitigate the risks relating
to commodity ination and rising labour costs,
your Company has introduced an escalation
clause in some of its development projects. Your
Company believes that this will assist in partially
mitigating an increase in construction costs in a
fair, efcient and transparent manner.
(g) Rationalize its land reserves and increase
presence in strategic locations
Your Company seeks to concentrate on
and expand its operations in certain key
strategically important geographic markets and
continue to focus on rationalizing portions of its
land reserves that it does not consider having
signicant development potential. At the same
time, your Company intends to continue to
selectively replenish its land reserves to the
extent consistent with strategic imperative of
contiguity and so far as it is required to implement
the strategy of achieving the appropriate product
and price mix. In this regard, your Company has
acquired certain additional land parcels in New
Gurgaon and the Chandigarh Tri-City last year,
and may continue to do so in the near future
in these and certain other regions. As on 31
st

March, 2013, your Company’s development
potential was 325 msf.
(h) Continue to develop supporting
infrastructure for its key developments
Your Company intends to continue to invest in
the development of supporting infrastructure
in certain select, strategic locations to ensure
the high quality of its commercial and retail
portfolio properties as well as certain residential
developments. In addition to the rapid metro-
railway network around DLF Cyber-City, two
re stations in Gurgaon at DLF Cyber-City and
Phase-V, two multi-level car parking facilities
in New Delhi, your Company has started a
27
joint project with HUDA, on a 50:50 cost-
sharing basis for upgrading a road network
between National Highway-8 and Sector 55/56
in Gurgaon. When developed, the 10.2km
road network will connect the NH8 to Sector
55/56 through the DLF Cyber-City and the
DLF Phase-V developments and several other
residential developments in the vicinity.
Your Company believes that the development
of these infrastructure projects will benet its
customers and enhance the quality of its leased
portfolio properties, resulting in higher lease
income from such developments as well as an
appreciation in value of the existing and future
residential developments in the vicinity.
2. REVIEW OF OPERATIONS
(a) Development Business
Your Company’s development business
primarily focuses on the development and sale
of residential real estate which include plotted
developments, houses, villas and apartments
of varying sizes and integrated townships,
with a focus on the high end, luxury residential
developments. The development business also
consists of certain commercial and shopping
complexes, including those that are integral to the
residential developments they are attached to.
Your Company further splits the development
business into three geographical segments
– Gurgaon, Super Metros and Rest of India.
Each of these three geographical segments are
independently responsible and accountable for
all activities across the product value chain
from acquisition of land, obtaining approvals,
project planning and execution, to launch, sales
& marketing and nal delivery of the developed
property to the customers.
Residential Segment
Projects Under Construction
As of 31
st
March, 2013, your Company had 27
Projects under Construction in its residential
business with expected Saleable Area of
approximately 36.7 msf.
The table below provides a synopsis of the sales volumes and average prices for the development
business in FY’13.
Region City Area Sold
(msf)
Sales Value
(` Crore)
Average
Realisation
(psf)
Gurgaon Gurgaon & New Gurgaon 2.94 2179 7417
Rest of India Chandigarh Tri-City, Bengaluru, Lucknow, Chennai,
Kochi, Kasauli & Hyderabad
3.40 1059 3115
Super Metro Delhi, Kolkata & Indore 0.90 577 6494
Total 7.24 3815 5280
Outlook - Planned Projects in Near to
Medium Future
Your Company plans to focus on the
development of ultra luxury and luxury group-
housing projects in certain key locations in India
such as the cities of Delhi, Gurgaon, Mumbai,
the Chandigarh Tri-City and certain areas in and
around Chennai and Bengaluru. In addition,
your Company also intends to launch the sale
of plotted developments at several locations in
India, including these cities.
Commercial and Shopping Complexes
As of 31
st
March, 2013, your Company had four
commercial and shopping complexes under
construction with expected Saleable Area of
approximately 3.96 msf.
(b) Lease Business
Your Company’s lease business involves
leasing of its developed commercial and retail
properties. One of the key objectives of its lease
business is to achieve returns from investments
in its portfolio properties within a targeted
timeframe. Another key objective is to achieve
high occupancy rates for the leased portfolio
properties. The utilities and facility management
business supports and complements the lease
business.
28
As of 31
st
March, 2013, your Company’s lease
business comprised completed commercial
and retail properties with Leasable Area of 23.8
msf, which yielded incomes of approximately
` 1,635 crore.
i. Ofces Segment
As of 31
st
March, 2013, the occupancy rate for
your Company’s leased commercial portfolio
properties was approximately 88.0%. Your
Company intends to continue to strengthen
and expand its relationships with its tenants,
which it believes, will assist it in increasing the
occupancy rate at its commercial properties.
Commercial Projects under Construction
As of 31
st
March, 2013, your Company had
four commercial projects under construction
with expected leasable area of approximately
3.8 msf.
ii. Retail Segment
Your Company has now evolved into one of
India’s leading developers of retail space in
terms of the development of malls, shopping
centres and markets. Your Company’s malls
have a superior tenant prole including certain
anchor tenants, and are characterized by
aesthetic design, high quality infrastructure
as well as leisure and entertainment options
such as multiplex cinemas, food courts and
restaurants. The locations of your Company’s
malls, as well as the mix of retail outlets within
them, are carefully planned based on the prole
of the relevant catchment areas as well as an
understanding of consumer preferences, with
the aim of attracting shoppers and ensuring an
attractive mix of international brands, national
retailers and leading local retailers. Your
Company endeavours to cater to the expansion
strategies of its tenants by providing them with
retail space in a variety of preferred locations
and encouraging them to take space in a
number of its developments.
As of 31
st
March, 2013, the occupancy rate
for your Company’s leased retail portfolio
properties was approximately 96%.
Retail Projects under Construction
As of 31
st
March, 2013, your Company had
two projects under construction with expected
leasable area of approximately 2.0 msf, both
of which are malls catering to middle and
higher income groups. These malls will have
high quality amenities including designer
stores, comprehensive entertainment facilities
including multiplex cinemas, central air
conditioning and underground parking.
(c) Company’s Project Execution Status
and Development Potential
Your Company completed 12 msf of commercial
and residential projects in FY’13 while adding
approximately 19 msf to new construction. As
a result, the total area under construction is
57 msf as on 31
st
March, 2013. This includes
approx 10.5 msf of saleable area pursuant to
certain joint venture arrangements. Handover
of 12 msf were commenced across the cities
comprising plots, commercial complexes and
commercial ofces.
The development business comprising primarily
the residential segment, followed by commercial
complexes has a combined area of 50.8 msf
under construction as of 31
st
March, 2013.
The Rental business has approximately 6 msf
of area under construction as of 31
st
March,
2013.
AREA UNDER EXECUTION (msf)
Development Business
52.00
50.00
48.00
46.00
44.00
42.00
40.00
38.00
42.37
2011-12 2012-13
50.79
Rental Business
10.00
8.00
6.00
4.00
2.00
8.11
6.18
-
2011-12 2012-13
29
(d) Other Businesses
Hotels
As part of the strategy to exit non-core assets
and non-strategic businesses, your Company
has divested a signicant portion of its interests
in the hospitality business including its
shareholding in Adone Hotels and Hospitality
Limited which held various hospitality related
land parcels. Further your Company’s subsidiary
has entered into a share purchase agreement
to sell its entire 100% shareholding in Silverlink
which operates various properties under the
“Aman Resorts” brand. However, The Lodhi,
which is a hotel property located in New Delhi,
was not included in this sale. Your Company’s
subsidiary continues to own and operate this
hotel property.
Insurance
Your Company currently holds 74% equity stake
in the joint venture company with U.S. based
Prudential International Insurance Holdings to
develop, promote, market and sell life insurance
products in India. On 31
st
March, 2013, the joint
venture completed about four and half years of
operations and had 55 branches in India and
a team of 5,487 individual agents. Further, it
issued 1,02,418 insurance policies in FY’13
as against 69,926 in previous year. The joint
venture’s loss in FY’13 was ` 132.4 crore as
against ` 128.3 crore in FY’12.
(e) Events after Balance Sheet Date
Equity Issuance
As per SEBI guidelines on achieving 25%
minimum public shareholding by 3
rd
J une,
2013, your Company in the month of May,
2013 came up with an issue of further equity
shares by way of Institutional Placement
Programme (IPP) in terms of Chapter VIII (A)
of the SEBI (Issue of Capital and Disclosure
Requirements) Regulation, 2009 as amended,
to comply with Rule 19(2) and 19(A) of the
Securities Contract (Regulations) Rules, 1957
read with Clause 40A of the Listing Agreement.
Your Company received a good response
to the said issue. The Equity Issuance
Committee of the Board of Directors vide its
Resolution dated 20
th
May, 2013 has allotted
8,10,18,417 equity shares to successful
applicants at an issue price of ` 230 per equity
share, aggregating to `1,863.42 crore.
Wind Asset Sale
On 4
th
April, 2013, your Company’s wholly-
owned subsidiary DLF Home Developers
Ltd. (DHDL) and Violet Green Power Private
Limited (Violet) entered into denitive business
transfer agreement for transferring of DHDL’s
undertaking comprising of 33 MW capacity
wind turbines situated at Rajasthan for lump
sum consideration of ` 52.20 crore. Subject
to the fullment of the terms and conditions by
both the parties in accordance with the said
agreement and regulatory approvals, the said
undertaking including assets and liabilities
along with relevant long term loans would be
transferred to Violet.
On 4
th
April, 2013, DHDL transferred its
undertaking comprising of 34.5 MW capacity
wind turbines situated at Tamil Nadu including
assets and liabilities along with relevant long
term loans to Tulip Renewable Powertech
Private Limited (Tulip) on ‘as is where is basis’
by way of slump-sale for lump sum consideration
of ` 188.72 crore.
3. OUTLOOK ON RISKS & CONCERNS
Your Company is exposed to a number of risks
such as economic, regulatory, taxation and
environmental risks and also the investment
outlook towards Indian real estate sector.
Some of the risks that may arise in its normal
course of its business and impact its ability
for future developments include inter-alia,
credit risk, liquidity risk, counterparty risk,
regulatory risk, commodity ination risk and
market risk. Your Company’s chosen business
strategy of focusing on certain key products
and geographical segments is also exposed
to the overall economic and market conditions.
Your Company has implemented robust risk
management policies and guidelines that set
out the tolerance for risk and your Company’s
general risk management philosophy.
Accordingly, your Company has established
a framework and process to monitor the
exposures to implement appropriate measures
in a timely and effective manner.
30
4. FINANCIAL REVIEW
(a) Revenue & Protability
In FY’13, DLF reported consolidated revenues
of ` 9,096 crore, a decrease of 11.1% over
` 10,224 crore in FY’12. EBIDTA stood at
` 3,949 crore, a decrease of 12.2% as compared
to ` 4,499 crore in the previous year. Net prot
after tax, minority interest and prior period items
was at ` 712 crore, a decline of 40.7% from
` 1,201 crore. The EPS for FY’13 stood at
` 4.19 as compared to ` 7.07 for FY’12.
The revenue and prot gures of your Company
during the year were after adjusting for losses
contributed by non-core businesses of ` 326.24
crore. The life insurance business continues in
its gestation phase.
The cost of revenues including cost of lands,
plots, development rights, constructed
properties and others decreased to ` 3,356
crore as against ` 3,968 crore in FY’12. Staff
costs increased marginally to ` 596 crore
versus ` 586 crore. Depreciation, amortization
and impairment charges were at ` 796 crore
versus ` 689 crore in FY’12. Finance costs
increased to ` 2,314 crore from ` 2,246 crore in
FY’12. The overall debt witnessed a marginal
decrease; however the cost of borrowing
impacted the nance costs.
The decrease in revenue and prot was
primarily due to change in accounting policy
for revenue recognition in accordance with the
revised guidance note issued by Institute of
Chartered Accountants of India on “Accounting
for Real Estate Transactions (Revised 2012)”
and lower sales.
12000
10000
10224
9096
3949
4499
FY’13
REVENUE EBIDTA PAT
712
1201
8000
6000
4000
2000
0
FY’12
(b) Balance Sheet
Your Company’s Balance Sheet as on 31
st

March, 2013 reected a healthy position with
a net worth of ` 27,528 crore and net debt
to equity ratio of 0.79 times. The networth of
your Company witnessed an increase of ` 292
crore from FY’12, on account of retained prots
during the year.
Net debt was ` 21,731 crore as compared to
` 22,700 crore as of 31
st
March, 2012. Fixed
Assets, including Capital Work-in-Progress
stood at ` 26,121 crore as compared to
` 27,707 crore in the previous year.
The nancials for FY’13 have been prepared
in accordance with revised Schedule VI
requirements as prescribed by the government
and notied by the accounting regulator. The
previous year gures have been regrouped/
recast wherever considered necessary to make
them comparable with those of current year.
IV. CORPORATE FUNCTIONS
1. Information Technology
Key focus areas for the function last
year included, requisite remodeling of IT
infrastructure to support the outsourcing of
certain key functions and further improvements
and extensions of the ERP platform including
project BOQ modules being made live. In
addition, further upgrades to strengthen controls
were undertaken.
Outsourcing of certain key business functions
required remodeling of the IT infrastructure to
support accessibility by on-premise and off-
premise outsourcing partners ensuring clear
role segregation and information condentiality
which was successfully undertaken.
Steps have been taken to reduce operative
IT costs by re-aligning the partnerships with
IT service providers in both infrastructure and
application areas without compromising the
quality, security and service levels.
2. Finance and Control
Your Company’s nance function is responsible
for correctness of all nancial information,
timely reporting of business metrics, ensuring
complete nancial propriety & control, effective
risk management, treasury operations and
institutional investor relations. The accountancy
works on an integrated ERP platform. The
function is organized along nance teams
31
for each business unit which work within well
dened parameters and policies to ensure
exibility, speed and control at the same time.
Regular presentations of audit reports including
signicant audit ndings and compliance
assurance along with the implementation
status and resolution timelines is made to the
Audit Committee of the Board by the internal
auditors. Every quarter, the statutory auditors
also make a presentation of the summary of
audit issues to the Audit Committee.
3. Human Resources
Your Company recognizes human assets as a
primary source of its growth & competitiveness.
While your Company continues to nurture
and harness core management teams, it has
successfully outsourced the project execution/
management & facility management. In addition,
outsourcing of some of the accounting functions
is also under way. Accordingly as on 31
st

March, 2013, your Company’s “on rolls” talent
pool comprise of about 2,600 employees.
Your Company’s HR practices, systems and
people development initiatives are focused on
deployment and scouting for the “Best Fit” talent
for all key roles. Pay for performance, reward
and recognition programmes, job enrichment
and lateral movements provide opportunity for
growth & development of the talent pool.
Your Company continues to emphasize on the
development and up-gradation of knowledge
and skills of employees by conducting training
encompassing behavioral management along
with ongoing e-learning initiatives which
encourage self-development and knowledge
sharing.
The Employee Connect and Engagement
activities continue to grow from strength to
strength. Various initiatives like DLF Connect,
HR Newsletter-SAMPARK, Town Halls and
outbound programmes have paid rich dividends
in understanding the pulse of the employees and
addressing their concerns. Various employee
wellness programmes conducted through
the year also re-emphasize your Company’s
philosophy of employee well-being.
Your Company has also embarked upon a
unique initiative “J agruti” to create awareness
towards safety and well-being for its women
employees which constitute around 7% of its
workforce.
4. Legal
The Legal Department continues to be fully
aligned with various businesses to provide
timely legal support on various operations of
your Company and support the businesses
in proactively managing their legal and
compliance risks by robust commercial
documentation and assistance in understanding
applicable laws and compliance thereof.
Your Company aims at continuous improvement
of the processes which inter-alia include,
reporting methodology of the legal matters,
efcient engagement of high quality panel
of third party lawyers, standardization of
key documents and strengthening internal
guidelines and processes on documentation,
legal matters and their reporting.
Cautionary Statement
The above Management Discussion and Analysis
contains certain forward looking statements within
the meaning of applicable security laws and
regulations. These pertain to the Company’s future
business prospects and business protability, which
are subject to a number of risks and uncertainties
and the actual results could materially differ from
those in such forward looking statements. The
risks and uncertainties relating to these statements
include, but are not limited to, risks and uncertainties,
regarding uctuations in earnings, our ability to
manage growth, competition, economic growth
in India, ability to attract and retain highly skilled
professionals, time and cost over runs on contracts,
government policies and actions with respect
to investments, scal decits, regulation, etc. In
accordance with the Code of Corporate Governance
approved by the Securities and Exchange Board of
India, shareholders and readers are cautioned that
in the case of data and information external to the
Company, no representation is made on its accuracy
or comprehensiveness though the same are based
on sources thought to be reliable. The Company
does not undertake to make any announcement
in case any of these forward looking statements
become materially incorrect in future or update any
forward looking statements made from time to time
on behalf of the Company.
Corporate Governance Report
Horizon Centre*, DLF - 5, Gurgaon
*This is an artist’s impression
33
Corporate Governance Report
Your Directors present the Company’s Report on
Corporate Governance in compliance with Clause
49 of the Listing Agreement executed with the
Stock Exchanges.
Company’s Philosophy
The Board and Management of DLF believe that
operating to the highest level of transparency
and integrity in everything we do, is integral to the
culture of our Company. The Company’s visionary
founder Choudhary Raghvendra Singh established
the culture of ensuring that all our activities are
for the mutual benet of the Company and all our
stakeholders: our customers, our regulators, our
employees, our shareholders and the communities
in India of which we are an integral part and are
privileged to serve. The Board and management
of DLF are committed to the highest standards of
accountability, transparency, social responsiveness,
operational efciency and good ethics.
The Company is committed to sound Corporate
Governance practices and compliance with all
applicable laws and regulations. The Board
believes that combining the highest levels of
ethical principles with our unmatched brand name,
experience and expertise will ensure we continue
to be the leading Company in Building India.
Board of Directors
Composition
The Board represents a healthy blend of knowledge
and experience. The total strength of the Board is 9
members, comprising of 4 Executive Directors and
5 Non-executive Directors. Mr. M.M. Sabharwal,
an independent Director relinquished the ofce
during the year due to ill - health. The Company is
in the process of lling the vacancy.
The rich and vast professional expertise of
Independent Directors gives immense benets to
the Company. The Board thus has an adequate
combination of Executive, Non-executive and
Independent Directors.
Executive Directors are appointed by the
shareholders for a maximum period of 5 years at a
time or such shorter duration on recommendation
of the Board and are eligible for re-appointment
upon completion of their term.
Non-executive Directors / Independent Directors do
not have any specic term, but retire by rotation in
accordance with the provisions of the Companies
Act, 1956.
Prole of Directors
Dr. K. P. Singh (Kushal Pal Singh), the Chairman
of the Company, graduated in Science from Meerut
University and pursued Aeronautical Engineering
in England. He was selected to the Indian Army by
the British Ofcers Services Selection Board UK,
underwent training as a cadet at IMA Dehradun
and served in The Deccan Horse cavalry regiment.
In 1960, he joined American Universal Electric
Company and took over as the Managing Director
after its merger with DLF Universal Limited (now
DLF Limited).
As Chairman of DLF, he is widely credited with
spearheading a transformation of the real estate
sector in India and is best known for developing
the Gurgaon satellite city project in Haryana and
his catalytic role in making India the global hub for
business process outsourcing.
In 2010, he was conferred the Padma Bhushan
national award by the President of India in his
recognition of exceptional and distinguished
services to the Nation.
He is also the recipient of numerous other awards
and honours, including the Samman Patra by
the Government of India for being one of the top
tax payers of Delhi region in 2000 and the Delhi
Ratna Award by the Government of Delhi for his
contribution towards urban development. He has
been conferred with an Honorary Doctorate by
the G.B. Pant Agriculture University. He has been
presented with the prestigious royal decoration
of Ofcer of the Order of St. Charles, by HSH
Prince Albert II in recognition of his valuable
contributions as Honorary Consul General of the
Principality of Monaco in Delhi. He is the recipient
of the Entrepreneur of the Year 2011 award at The
34
Asian Awards in October, 2011 at London and
was conferred the Indian Business Leader of the
Year award at the Horasis Global India Business
Meeting held in Antwerp, Belgium in J une, 2012.
Dr. Singh had held several important business,
nancial and diplomatic positions including as
a Member of the International Advisory Board of
Directors of General Electric; Member, Central
Board of the Reserve Bank of India and was
President of ASSOCHAM in 1999 and was earlier
President of the PHD Chamber of Commerce
and Industry. He is currently on the Governing/
Executive Board of several well-known universities
and educational institutions, including the Indian
School of Business (ISB), Hyderabad; and Indian
Institute of Technology (IIT), Rajasthan.
Committed to the philosophy that the corporate
sector should play a proactive role in promoting the
cause of inclusive growth, Dr. Singh established
DLF Foundation in 2008 as the philanthropic arm
of DLF Limited, providing structure and focus to
the social outreach initiatives of the Company.
Mr. Rajiv Singh is the Vice Chairman of the
Company. He is a graduate from the Massachusetts
Institute of Technology, U.S.A. and holds a degree
in Mechanical Engineering. Mr. Singh has over
31 years of professional experience. Mr. Singh
spearheads the strategy implementation and
oversees the operations of the Company.
Mr. T.C. Goyal has done his B.Com. (Hons.) from
Shri Ram College of Commerce, University of
Delhi and is a Fellow Member of the Institute of
Chartered Accountants of India.
He has been holding the position of Managing
Director of the Company since March, 1998. He
has over four decades of experience in business
management and real estate development.
Mr. Goyal has been a Member of the Management
Committee of PHD Chamber of Commerce &
Industry for over a decade. He is also the Managing
Trustee of a number of charitable trusts engaged
in education and welfare activities.
He is Chairman of DLF Universal Limited and Vice
Chairman of DLF Home Developers Limited and is
on the Board of several other companies.
Ms. Pia Singh is a graduate from the Wharton
School of Business, University of Pennsylvania,
U.S.A. with a degree in Finance. Having over 18
years of experience, Ms. Singh is a Director on the
Board for the last 10 years. Prior to that she has
served in the risk-undertaking department of GE
Capital, investment division of General Electric.
Mr. G.S. Talwar is the founding Chairman and
Managing Partner of Sabre Capital Worldwide, a
private equity and investment company focussed
on nancial services.
He started his career with Citibank in India. He
was subsequently responsible for building and
leading Citibank’s retail businesses across all
the countries in Asia-Pacic and the Middle
East, and subsequently for managing Citibank’s
businesses in Europe and North America. He was
appointed Executive Vice President of Citibank
and Citigroup.
He left Citigroup to join Standard Chartered Plc,
where he was appointed Global Chief Executive.
He is the rst Asian to have been appointed Global
Chief Executive of a FTSE 15 company, and of a
major international bank.
Mr. Talwar was previously Chairman of Centurion
Bank of Punjab Limited in India. He is a Non-
executive Director of several companies including
Great Eastern Energy Corporation Limited and
Asahi India Glass Limited in India. He has served
on the global boards of Pearson Plc, Schlumberger
Limited and Fortis SV and NA. He is founding
Governor of the Indian School of Business (ISB),
Hyderabad; a former Governor of the London
Business School and is Patron of the National
Society for Prevention of Cruelty to Children.
Dr. Dharam Vir Kapur is an honours graduate
in Electrical Engineering with wide experience
in Power, Capital Goods, Chemicals and
Petrochemicals Industries.
Dr. Kapur had an illustrious career in the
Government sector with a successful track record
of building vibrant organizations and successful
project implementation. He served Bharat Heavy
Electricals Limited (BHEL) in various positions
with distinction. One of the most remarkable
35
achievements of his career was the establishment
of a fast growing system oriented National Thermal
Power Corporation (NTPC) of which he was the
founder Chairman-cum-Managing Director for
which he was described as Model Manager by the
Board of Executive Directors of World Bank.
As Secretary to the Government of India in the
Ministries of Power, Heavy Industry and Chemicals
& Petrochemicals during 1980-86, Dr. Kapur
made signicant contributions with introduction
of new management practices and liberalization
initiatives including authorship of “Broad banding”
and “Minimum economic sizes” in industrial
licensing. He was also associated with a number
of national institutions as Member, Atomic Energy
Commission; Member, Advisory Committee of the
Cabinet for Science and Technology; Chairman,
Board of Governors, IIT Bombay; Member, Board
of Governors, IIM Lucknow and Chairman, National
Productivity Council.
In recognition of his services and signicant
contributions in the eld of Technology,
Management and Industrial Development,
J awaharlal Nehru Technological University,
Hyderabad conferred on him the degree of D. Sc.
Dr. Kapur is recipient of “India Power, Life Time
Achievement Award” presented by the Council
of Power Utilities, for his contributions to Energy
and Industry sectors. ENERTIA Awards 2010
also conferred Life Time Achievement Award on
Dr. Kapur for his contribution to the Power and
Energy Sector and for his leadership in the edgling
NTPC.
Dr. Kapur is Chairman (Emeritus) of J acobs H&G
(P) Limited and Chairman of GKN Driveline (India)
Limited and Drivetech Accessories Limited. He is
also a Director on the Boards of Reliance Industries
Limited, Honda Siel Power Products Limited,
Zenith Birla (India) Limited, Sunon Energy Private
Limited and GSD Automation Private Limited.
Earlier, he was a Director on the Boards of Tata
Chemicals Limited, Larsen & Toubro Limited and
Ashok Leyland Limited.
Mr. K.N. Memani, a Fellow Member of the Institute
of Chartered Accountants of India is a former
Chairman and Country Managing Partner of Ernst
& Young, India. He was also Member of the Ernst
& Young Global Council.
He specializes in business and corporate advisory,
foreign taxation, nancial consultancy etc. and
is a consultant on corporate matters of several
domestic & foreign companies.
Mr. Memani headed Quality Review Board – an
oversight board to review the quality of auditors set
up by the Government of India. He was associated
with National Advisory Committee on Accounting
Standards (NACAS) and an Expert Committee
for amendments to the Companies Act, 1956
constituted by the Government of India. He was
also member of the External Audit Committee of
International Monetary Fund (IMF) for 2 years.
Currently, he is on the managing committee/
governing boards of various industry chambers,
educational institutions and social organizations.
Mr. Memani is on the Board of several companies
including Aegon Religare Life Insurance Company
Limited, Chambal Fertilisers and Chemicals
Limited, Emami Limited, Great Eastern Energy
Corporation Limited, HT Media Limited, ICICI
Venture Funds Management Company Limited,
J K Lakshmi Cement Limited, National Engineering
Industries Limited and S Mobility Limited.
Mr. B. Bhushan, a Fellow Member of the Institute
of Chartered Accountants of India and an Associate
Member of the Institute of Cost Accountants of
India, has over four decades of experience in
nance, capital markets, taxation, corporate affairs
and general management.
Mr. Bhushan is Chairman of Integrated Capital
Services Limited.
Brig. (Retd.) N.P. Singh, a Graduate of Army Staff
College of Camberley (U.K.) and National Defence
College of India, holds a Master degree in Arts and
Science and was an Associate Member of the
British Institute of Management. He served the
Indian Army for over 34 years, prior to joining the
Company’s Board of Directors in 1993.
He is a trained Personnel Selection Ofcer from
36
Psychological Research Wing, Ministry of Defence,
Government of India.
Brig. Singh is on the Board of several companies.
Board Meetings
The meetings of the Board are generally held at the
Corporate Ofce of the Company at DLF Centre,
Sansad Marg, New Delhi.
Meetings: During the year 2012-13, ve Board
meetings were held on 30
th
May, 6
th
August, 12
th

November, 2012, 14
th
February and 6
th
March,
2013. The maximum interval between any two
Board meetings was 98 days. The Board meets at
least once in every quarter to review and approve
the quarterly nancial results in compliance with
Clause 41 of the Listing Agreement along with other
items on the agenda. Additional board meetings
are held as and when necessary.
Reviews: The Board regularly reviews inter-alia,
industry environment, annual business plans
and performance against the plans, business
opportunities including investments/ divestment,
compliance processes including material legal
issues, strategy, risk management practices,
approval of quarterly/half-yearly/annual results
and compliance reports on applicable laws. Senior
executives are invited to provide additional inputs
at the Board meetings for the items discussed by
the Board of Directors, as and when required.
Minutes: The draft minutes of the proceedings of
the Board of Directors are circulated in advance
and the observations, if any, received from the
Directors are incorporated in the minutes in
consultation with the Chairman and signed at the
subsequent meeting upon conrmation.
Follow-up: The Company has an effective post
meeting follow-up, review and reporting process for
the decisions taken by the Board. The signicant
decisions of the Board are promptly communicated
to the concerned departments/ business units.
Action taken reports on decisions of the previous
meeting(s) are placed at the immediately
succeeding meeting for review by the Board.
Compliance
DLF has implemented a robust and comprehensive
compliance management system covering the
Company and its subsidiaries. All project/business
and functional heads submit compliance certicates
conrming compliance with the provisions of
statutes applicable to their areas of operations. In
addition, the Managing Director and Group Chief
Financial Ofcer certify that the nancial results
present true and fair view of the Company’s affairs
and are in compliance with the existing accounting
standards, applicable laws and regulations.
The Company Secretary ensures compliance of
relevant corporate laws including SEBI regulations
and the provisions of the Listing Agreement.
The Company Secretary, as Compliance Ofcer,
submits a consolidated compliance certicate
conrming compliance of laws, rules, regulations,
guidelines, bye-laws applicable to the Company
for review of the Board, quarterly.
Internal Controls
DLF deploys a robust system of internal controls
and systems to allow optimum use and protection of
assets, facilitate accurate and timely compilation of
nancial statements and management reports and
ensure compliance with statutory laws, regulations
and Company policies including identication,
review and management of risks.
A dedicated internal audit team supported by M/s.
KPMG ensures that the established systems,
procedures are diligently adhered to and the
Company conducts its business with complete
legal, statutory and regulatory compliances.
The reports submitted by the internal auditors
department / internal auditors are regularly
reviewed by the Audit Committee.
37
Meetings and Attendance
Name & Designation Financial Year 2012-13
Attendance at
No. of Directorships
in other public limited
companies*
No. of Committee positions
held in public companies
including DLF**
Board
Meeting ^
Last AGM Listed Others Chairman Member
(a) Executive Directors
Dr. K.P. Singh, Chairman 4 Yes Nil Nil Nil Nil
Mr. Rajiv Singh, Vice Chairman 5 Yes Nil 1 Nil Nil
Mr. T.C. Goyal, Managing Director 5 Yes Nil 3 Nil 2
Ms. Pia Singh, Whole-time Director 5 Yes Nil 3 Nil Nil
(b) Non-executive Directors
Mr. G.S. Talwar, Non-Independent 3 No 1 1 Nil Nil
Dr. D.V. Kapur, Independent 5 Yes 3 2 4 2
Mr. M.M. Sabharwal, Independent*** 1 No – – – –
Mr. K.N. Memani, Independent 5 Yes 5 4 5 4
Mr. B. Bhushan, Independent 5 Yes 1 1 Nil 2
Brig. (Retd.) N.P. Singh, Independent 5 Yes Nil 6 Nil 2
* Excludes private, foreign, unlimited liability companies, Government bodies and companies registered under Section 25 of the
Companies Act, 1956.
** Indicates membership of Audit and Shareholders’/Investors’ Grievance Committees only.
*** Upto 7
th
September, 2012.
^ Includes attendance through video / audio conference.
Notes
1. The Directorship / Committee Membership
is based on the disclosures received from
Directors.
2. None of the Directors is a Member of the
Board of more than 15 companies in terms
of Section 275 of the Companies Act, 1956;
Member of more than 10 Committees and
Chairman of more than 5 Committees, across
all companies in which he/she is a Director.
3. Dr. K.P. Singh, Mr. Rajiv Singh, Ms. Pia Singh
and Mr. G.S. Talwar are related inter-se.
Resume of Directors proposed to be re-appointed
The brief resume of Directors retiring by rotation
and seeking re-appointment is appended in the
notice for convening the Annual General Meeting
(AGM).
Committees of the Board
The Board has constituted the following
Committees:
1. Audit Committee
2. Shareholders’ / Investors’ Grievance Committee
3. Finance Committee
4. Corporate Governance Committee
5. Remuneration Committee
In addition, the Board also constitutes specic
committees, from time to time, depending on the
38
business needs. The terms of reference of the
Committees are reviewed and modied by the Board
from time to time. Meetings of each Committee are
convened by the respective Committee Chairman.
The Company Secretary prepares the agenda
and explanatory notes, in consultation with the
respective Committee Chairman and circulates
the same in advance to all the members. Every
member is free to suggest inclusion of item(s) on
the agenda. Minutes of the Committee meetings
are approved by the respective Committee and
thereafter placed for noting and conrmation by
the Board.
The Company has an effective post meeting follow-
up, review and reporting process for the decisions
taken by the Committees. The signicant decisions
are promptly communicated to the concerned
departments / business units. Action taken reports
on decisions of the previous meeting(s) are placed
at the immediate succeeding meeting for review
by the respective Committee.
(i) Audit Committee
Composition
The Audit Committee constituted as per the
Clause 49 of the Listing Agreement read with
Section 292A of the Companies Act, 1956,
comprises 4 Directors including 3 Independent
Directors. Mr. K.N. Memani, a Fellow Member
of the Institute of Chartered Accountants
of India, an Independent Non-executive
Director, is the Chairman of the Committee.
Dr. D.V. Kapur, Mr. B. Bhushan, Independent
Non-executive Directors and Mr. T.C. Goyal,
Managing Director are the other members.
Mr. M.M. Sabharwal was member of the
Committee upto 7
th
September, 2012. All the
members possess nancial, management and
accounting knowledge/ expertise and have
held or hold senior positions in other reputed
organizations.
The Company Secretary acts as Secretary to
the Committee.
Group Chief Financial Ofcer, Group Chief
Internal Auditor and representatives of Statutory
Auditors and Internal Auditors (for internal
audit matters), are permanent invitees to the
Committee meetings. Other executives of the
Company are invited as and when required.
Objective
The Audit Committee monitors and provides
re-assurance to the Board on the existence
of an effective internal control environment
by supervising the nancial reporting
process, timely and proper disclosures and
transparency, integrity and quality of nancial
reporting.
Terms of Reference
The broad terms of reference are as under:
1. Overseeing nancial reporting process
and disclosure of nancial information, to
ensure that the nancial statements are
correct, sufcient and credible;
2. Recommending appointment, re-
appointment and removal of the statutory
and internal auditors, xation of audit fees
and approval for payment of any other
services;
3. Reviewing with the management, the
periodical nancial statements including
subsidiaries / associates, in particular
the investments made by the unlisted
subsidiaries of the Company, before
submission to the Board for approval;
4. Reviewing with the management and
the statutory and internal auditors, the
adequacy of internal control systems
and recommending improvements to the
management;
5. Reviewing the adequacy of internal audit
function, approving internal audit plans
and efcacy of the functions including the
structure of the internal audit department,
stafng, reporting structure, coverage and
frequency of internal audit;
6. Discussion with internal auditors on any
signicant ndings and follow-up thereon;
39
7. Reviewing the ndings of any internal
investigations by internal auditors into
matters where there is suspected fraud
or irregularity or failure of internal control
systems of a material nature and reporting
the matter to the Board;
8. Discussion with statutory auditors before
the audit commences, about the nature
and scope of audit, as well as post-audit
discussions to ascertain any area of concern;
9. Reviewing with the management discussion
and analysis of nancial condition and
results of operations, statement of
signicant related party transactions,
management letters / letter of internal
control weakness issued by statutory
auditors, internal audit reports etc.;
10. Reviewing the Company’s nancial and
risk management policies; and
11. Such other functions as may be delegated
by the Board from time to time.
Meetings and Attendance
During the year 2012-13, seven meetings of the
Audit Committee were held on 26
th
April, 30
th

May, 6
th
August, 11
th
October, 12
th
November,
21
st
December, 2012 and 14
th
February, 2013.
The maximum interval between any two
meetings was 68 days. The necessary quorum
was present in all the meetings.
Member No. of Meetings
Held Attended
Mr. K.N. Memani
Chairman of the Committee
7 7
Dr. D.V. Kapur 7 7
Mr. M.M. Sabharwal
(upto 7
th
September, 2012)
2 2
Mr. B. Bhushan 7 7
Mr. T.C. Goyal 7 7
The Chairman of Audit Committee, Mr. K.N.
Memani was present at the last Annual General
Meeting held on 7
th
September, 2012.
(ii) Shareholders’ / Investors’ Grievance
Committee
Composition
The Committee comprises three members,
namely Dr. D.V. Kapur (Chairman of the
Committee), Brig. (Retd.) N. P. Singh and
Mr. T.C. Goyal, Managing Director.
The Company Secretary acts as Secretary to
the Committee.
Terms of Reference
The Committee inter-alia, oversees and
reviews all matters connected with transfer of
shares, approve issue of duplicate and split of
share certicates, redressal of shareholders’/
investors’ complaints / grievances including
transfer of shares, non-receipt of annual report
and dividend etc. The Committee also reviews
performance of the Registrar and Share Transfer
Agent and recommends measures for overall
improvement in the quality of investor services.
With a view to expedite the process of share
transfer / transmission etc., on fast track basis,
the Board has delegated the powers of approving
share transfer / transmission etc. to the Company
Secretary and / or Group General Counsel
(Legal).
Meetings and Attendance
During the year 2012-13, four meetings of the
Committee were held on 30
th
May, 6
th
August &
12
th
November, 2012 and 14
th
February, 2013.
The necessary quorum was present in all the
meetings.
Member No. of Meetings
Held Attended
Dr. D.V. Kapur
Chairman of the Committee
4 4
Brig. (Retd.) N.P. Singh 4 4
Mr. T.C. Goyal 4 3
Compliance Ofcer
Mr. Subhash Setia, Company Secretary is the
Compliance Ofcer of the Company.
40
Redressal of Investors’ Grievances
The Company addresses all complaints,
suggestions, grievances and other
correspondence expeditiously and replies
are sent usually within 7-10 days except in
case of legal impediments. The Company
endeavours to implement suggestions as
and when received from the investors. During
the year under review, a total of 10 investors’
complaints were received and resolved.
(iii) Finance Committee
Composition
The Finance Committee comprises Mr. Rajiv
Singh (Chairman of the Committee), Mr. T.C.
Goyal, Managing Director, Ms. Pia Singh,
Whole-time Director and Brig. (Retd.) N.P.
Singh, as Members.
The Company Secretary acts as Secretary to
the Committee.
The Group Chief Financial Ofcer is the
permanent invitee to the Committee.
Terms of Reference
The broad terms of reference are as under:
1. Reviewing Company’s nancial policies,
strategies and capital structure, working
capital, cash ow management, banking and
cash management including authorization
for operations;
2. Reviewing credit facilities and to exercise
all powers to borrow monies (otherwise
than by issue of debentures) and take
necessary actions connected therewith
including renancing for optimization of
borrowing costs and assignment of assets,
both immovable or movable;
3. Authorizing exercise of all powers for
investment, loan and providing corporate
guarantees/ securities/ letter of comfort etc.
within the limits specied by the Board;
4. Borrowing of monies by way of loan and/
or issuing and allotting Bonds / Notes
denominated in one or more foreign
currency(ies) in international markets and
possible strategic investments within the
limits approved by the Board;
5. Approve opening and operation of
Investment Management accounts with
foreign Banks and appoint them as agents,
establishment of representative / sales
ofces in or outside India etc.;
6. Approve contributions to statutory or other
entities, Funds established by Central /
State Government for national importance,
institutions, trusts, bodies corporate and
other entities etc.;
7. Empowering executives of the Company/
subsidiaries / associate companies for
acquisition of land including bidding and
tenders, sell / dispose off or transfer any of
the properties and delegation of authorities
from time to time to deal with various
statutory, judicial authorities, local bodies
etc., to implement the decision of the
Committee; and
8. Reviewing and make recommendations
about changes to the Charter of the
Committee.
Meetings and Attendance
During the year 2012-13, eight meetings of the
Finance Committee were held on 4
th
May, 18
th

J une, 30
th
J uly, 12
th
September, 8
th
November,
12
th
December, 2012, 11
th
February and 22
nd

March, 2013 and the attendance thereat was
as under. The necessary quorum was present
in all the meetings.
Member No. of Meetings
Held Attended
Mr. Rajiv Singh
Chairman of the Committee
8 8
Mr. T.C. Goyal 8 8
Ms. Pia Singh 8 3
Brig. (Retd.) N.P. Singh 8 7
41
(iv) Corporate Governance Committee
Composition
The Corporate Governance Committee
comprises Dr. D.V. Kapur (Chairman of the
Committee), Mr. K.N. Memani, Mr. G.S. Talwar,
Non-executive Directors and Mr. T.C. Goyal,
Managing Director as Members. Mr. M.M.
Sabharwal was member of the Committee
upto 7
th
September, 2012.
The Company Secretary acts as Secretary to
the Committee.
Terms of Reference
The broad terms of reference are as under:
1. Overseeing implementation of mandatory
and non-mandatory requirements of Clause
49 of the Listing Agreement;
2. Recommending the best in class available
Corporate Governance practices prevailing
in the world for adoption;
3. Reviewing Corporate Governance
practices, Audit Reports and to recommend
improvements thereto;
4. Reviewing Code of Conduct for Directors,
Senior Management Personnel and other
executives, including its subsidiaries;
5. Reviewing compliance mechanism,
compliance and audit reports and to
recommend improvements thereto and
to review mitigation mechanism for non-
observance;
6. Suggesting to the Board, the changes required
in the compliance system in consonance with
the changes in legal environment affecting
the business of the Company;
7. Recommending to the Board, the changes
required for charging of ofcials pursuant
to changes in the ofcials charged and/ or
structural changes in the organization; and
8. Performing such other functions as may be
delegated by the Board from time to time.
Meetings and Attendance
During the year 2012-13, two meetings of
Corporate Governance Committee were held
on 6
th
August, 2012 and 28
th
J anuary, 2013.
The attendance of members was as follows.
The necessary quorum was present in all the
meetings.
Member No. of Meetings
Held Attended
Dr. D.V. Kapur
Chairman of the Committee
2 2
Mr. M.M. Sabharwal
(upto 7
th
September, 2012)
1 -
Mr. K.N. Memani 2 2
Mr. G.S.Talwar 2 1
Mr. T.C. Goyal 2 2
(v) Remuneration Committee
Composition
The Remuneration Committee comprises
Brig. (Retd.) N.P. Singh (Chairman of the
Committee) and Mr. B. Bhushan, as Members.
Mr. M.M. Sabharwal was member of the
Committee upto 7
th
September, 2012.
The Company Secretary acts as Secretary to
the Committee.
Terms of Reference
The broad terms of reference are as under:
1. Guidance on the broad parameters of the
remuneration policy of the Company;
2. Recommending remuneration to the
Board by way of salary, perquisites,
including periodic revision, performance
award, commission, stock options etc.
payable to Executive Directors and their
relatives engaged in the employment of the
Company; and
3. Formulation of the detailed terms and
conditions under employee stock options
scheme and administration thereof.
Meetings and Attendance
During the year 2012-13, two meetings of
Remuneration Committee were held on 30
th

May, 2012 and 14
th
February, 2013. The
attendance of members was as follows. The
42
necessary quorum was present in all the
meetings.
Member No. of Meetings
Held Attended
Brig. (Retd.) N.P. Singh
Chairman of the Committee
2 2
Mr. M.M. Sabharwal
(upto 7
th
September, 2012)
1 1
Mr. B. Bhushan 2 2
The Chairman of the Committee, Brig. (Retd.)
N.P. Singh was present at the last Annual
General Meeting held on 7
th
September, 2012.
Remuneration Policy
The Remuneration Policy of the Company
is aimed at inculcating a performance
driven culture. Through its comprehensive
compensation programme, the Company
endeavours to attract, retain, develop and
motivate a high performance workforce.
The guiding principles of remuneration policy
in DLF are as follows:
1. To reinforce DLF’s standing as premier
employer in the industry;
2. To attract and retain high talent human
capital; and
3. To motivate employees to achieve high
standards of performance in line with
business strategy.
The Company pays remuneration by way of
salary, perquisites, allowances, retiral benets
that are xed and a variable component which
is linked directly to Company and individual
performance which is measured through a
comprehensive annual appraisal process.
Directors’ Remuneration
i) Executive Directors
The Company pays remuneration by
way of salary, perquisites, retiral benets
and allowances (xed component) and
commission (variable component) to
its Executive Directors based on the
recommendations of the Remuneration
Committee within the limits prescribed under
the Companies Act, 1956 and approved by
the shareholders. The performance based
commission paid to the Executive Directors
is based on qualitative and quantitative
assessment of Company’s performance.
ii) Non-executive Directors
The Non-executive Directors are entitled
to a sitting fee of ` 20,000 per meeting for
attending Board and Committee meetings.
In addition, the Non-executive Directors
are paid commission within the limits
prescribed under the Companies Act,
1956, as determined by the Board based,
inter-alia, on the Company’s performance
and as approved by the shareholders.
The Company also reimburses out-of-
pocket expenses incurred by the Directors
for attending the meetings. The service
contract, notice period, severance fee etc.
are not applicable to the Non-executive
Directors.
The Company has a Directors’ & Ofcers’
Liability Insurance Policy.
The remuneration paid for the year
2012 - 13 was as follows:
Executive Directors (a) (` in lac)
Name Salary & HRA Other
perquisites,
benets and
allowances
Commission Contribution
to Provident &
Superannuation
Fund
Stock Options
granted*
Term up to
Dr. K.P. Singh 107.10 87.78 250.00 7.56 Nil 30.09.2013
Mr. Rajiv Singh 63.00 214.02 250.00 17.01 Nil 08.04.2014
Mr. T.C. Goyal 307.76 144.62 190.00 20.26 Nil 31.03.2015
Ms. Pia Singh 159.34 31.73 100.00 25.31 Nil 17.02.2018
43
* Out of the 5,23,810 stock options granted to Mr. T.C.
Goyal, Managing Director 1,74,091 have been vested and
exercised. The remaining stock options shall continue to vest
as per Company’s Employee Stock Option Scheme 2006 @
10%, 30% and 60% of the grant at the end of 2, 4 and 6
years from the date of respective grants. The options vested
are exercisable within a period of three years from the date
of vesting. Each vested option is exercisable into one equity
share against payment of ` 2 per share.
Non-executive Directors (b)
(` In lac)
Name Sitting
Fee*
Commission Total
Mr. G.S. Talwar 0.80 24.00 24.80
Dr. D.V. Kapur 3.80 24.00 27.80
Mr. M.M. Sabharwal
(upto 7
th
September, 2012)
0.80 10.46** 11.26
Mr. K.N. Memani 2.80 24.00 26.80
Mr. B. Bhushan 3.00 24.00 27.00
Brig. (Retd.) N.P. Singh 4.00 24.00 28.00
* For attending Board & Committee Meetings
** Pro-rata till date of cessation
There were no material pecuniary relationships or
transactions between the Company and its Non-
executive Directors.
No stock options were granted to any Non-
executive Directors.
(c) Directors’ Shareholding
The details of shareholding of Directors in the
Company as on 31
st
March, 2013 were as under:
Name of Director No. of Equity Shares
Dr. K.P. Singh 1,04,61,000
Mr. Rajiv Singh 1,64,56,320
Mr. T.C. Goyal 4,44,091
Ms. Pia Singh 81,38,600
Mr. G.S. Talwar 1,00,000
Dr. D.V. Kapur 10,000
Mr. K.N. Memani Nil
Mr. B. Bhushan Nil
Brig. (Retd.) N.P. Singh Nil
General body meetings
a) Particulars of past three Annual General Meetings (AGM)
Year Location Date & Time Special Resolutions passed
2009-10 Epicentre
Apparel House
Sector 44
Gurgaon (Haryana) – 122 003
28.09.2010
10.30 A.M.
1. For payment of commission to Non-executive Directors of the
Company.
2. For appointment of Ms. Savitri Devi Singh as ‘Business Head (Retail
Business)’, DLF Commercial Developers Limited (DCDL), a wholly-
owned subsidiary.
3. For appointment of Ms. Anushka Singh as ‘Senior Management
Trainee’ and her elevation as ‘General Manager – Development’, DLF
Home Developers Limited (DHDL), a wholly-owned subsidiary.
2010-11 Epicentre
Apparel House
Sector 44
Gurgaon (Haryana) – 122 003
04.08.2011
10.30 A.M.
1. For appointment of Mr. Rahul Talwar as ‘Senior Management Trainee’,
DLF India Limited (DIL), a subsidiary.
2. For appointment of Ms. Kavita Singh as an Advisor, DLF Universal
Limited (DUL), a wholly-owned subsidiary.
2011-12 Epicentre
Apparel House
Sector 44
Gurgaon (Haryana) – 122 003
07.09.2012
10.30 A.M.
For elevation of Mr. Rahul Talwar as ‘General Manager (Marketing)’,
DLF India Limited (DIL), a subsidiary.
44
b) Particulars of Extra-ordinary General Meeting
Year Location Date & Time Special Resolution passed
2012-13 Epicentre
Apparel House
Sector 44
Gurgaon (Haryana) – 122 003
04.04.2013
11.00 A.M.
Issue and allot further Equity Shares of the Company by way
of public issue (including but not limited to issue of Equity
Shares through Institutional Placement Programme under
Chapter VIII-A of the SEBI ICDR Regulations, 2009) or private
placement under Chapter VIII of the SEBI ICDR Regulations,
2009 or any combination thereof or any other mode or method
approved by competent authority.
Postal Ballot
No special resolution requiring postal ballot was
passed during the year 2012-13. No special
resolution requiring postal ballot is being proposed
at the ensuing AGM.
An Ordinary Resolution dated 30
th
May, 2012 for
selling / transferring / disposing off the Company’s
wind power business was passed by postal ballot.
The Company has complied with the applicable
procedure for postal ballot.
Disclosures
a) Material Related Party Transactions
None of the materially signicant transactions
with any of the related parties was in conict
with the interest of the Company. Details of
the material related party transactions are
disclosed at Note No. 34 of the Standalone
Financial Statements.
b) Compliances
No penalties or strictures have been imposed
on the Company during the past three years
by Stock Exchanges or SEBI or any statutory
authorities, on any matter related to capital
markets. The Company has complied with
applicable rules and regulations prescribed by
Stock Exchanges, SEBI or any other statutory
authority relating to the capital markets.
All Returns / Reports were led within the
stipulated time with the Stock Exchanges/
other authorities.
c) Code of Conduct
The Code of Conduct (Code) is applicable to all
Directors and employees of the Company and
its subsidiaries. The Code is comprehensive
and ensures good governance and provides
for ethical standards of conduct on matters
including conict of interest, acceptance
of positions of responsibility, treatment of
business opportunities and the like. A copy of
the Code is posted on the Company’s website
www.dlf.in.
All the Board Members and senior
management personnel have afrmed
compliance to the Code for the year ended
31
st
March, 2013.
A declaration, in terms of Clause 49 of the
Listing Agreement, signed by the Managing
Director is stated hereunder:
I hereby conrm that-
The compliance to DLF’s Code of Conduct for
the Financial Year 2012-13 has been afrmed
by all the Members of the Board and Senior
Management Personnel of the Company.
Sd/-
New Delhi T. C. Goyal
29
th
May, 2013 Managing Director
d) Whistle Blower Policy
The Company has in place a mechanism
for reporting instances of unethical and/or
45
improper conduct and actioning suitable steps
to investigate and correct the same. Directors,
employees, vendors, customers or any person
having dealings with the Company may report
non-compliance of the Code to the noticed
persons.
The Directors and management personnel
maintain condentiality of such reporting
and ensure that the whistle blowers are not
subjected to any discrimination. No employee
was denied access to the Audit Committee
during the year.
e) Policy for Prevention of Insider Trading
With a view to prevent dealing in securities
of the Company by an insider on the basis of
unpublished price sensitive information, the
Board has approved “Policy for Prevention of
Insider Trading” (the Policy) in pursuance of
the Securities and Exchange Board of India
(Prohibition of Insider Trading) Regulations,
1992. Under the Policy, insiders are prohibited
to deal in the Company’s shares while in
possession of unpublished price sensitive
information and taking positions in derivative
transactions in the share of the Company
at any time. A copy of the Policy has also
been hosted on the website of the Company
www.dlf.in.
f) Corporate Policy on Prohibition, Prevention
and Redressal of Sexual Harassment of
Women at Workplace
The Company prohibits any form of sexual
harassment and any such incidence is
immediately investigated and appropriate
action taken in the matter against the offending
employee(s) based on the nature and the
seriousness of the offence. The Company
has in place, a formal corporate policy on
Prohibition, Prevention and Redressal of
Sexual Harassment of Women at Workplace
(the Policy) and matters connected therewith
or incidental thereto covering all the aspects as
contained under the “The Sexual Harassment
of Women at Workplace (Prohibition,
Prevention and Redressal) Act, 2013” notied
by the Government of India vide Gazette
Notication dated 23
rd
April, 2013. Detailed
mechanism has been laid down in the Policy
for reporting of cases of sexual harassment to
‘Internal Complaints Committee’ comprising
senior ofcials of the Company and an
independent member from NGO, constituted
under this Policy for conducting of inquiry
into such complaints, recommending suitable
action during the pendency and/or completion
of the inquiry including strict disciplinary action
including termination of the services.
Subsidiary Monitoring Framework
All subsidiaries of the Company are Board
managed with their respective Boards having rights
and obligations to manage such companies in the
best interest of their stakeholders. As a majority
shareholder, the Company monitors and reviews
the performance of each company, inter-alia, by
the following means:
a) Financial Statements, in particular, the
investments made by the unlisted subsidiary
companies, are reviewed regularly by the
Audit Committee;
b) Minutes of the meetings of the unlisted
subsidiary companies are placed before the
Company’s Board, regularly; and
c) Statements containing signicant transactions
and arrangements entered into by the unlisted
subsidiary companies are regularly placed
before the Board of Directors for their review.
The Company has appointed Independent
Directors in its material non-listed subsidiary
companies in compliance with the requirement
of the provisions of Listing Agreement with
stock exchanges.
Means of Communication
The quarterly nancial results and media releases
on signicant developments in the Company
including presentations that have been made from
time to time to the media, institutional investors,
analysts, are posted on the Company’s website
www.dlf.in and are submitted to the stock
exchanges on which the Company’s equity shares
are listed, to enable them to put them on their
respective websites.
46
The nancial results are published in at least two
widely circulated dailies, one in English and one
in Hindi.
In accordance with the circular issued by the
Ministry of Corporate Affairs on the Green
Initiatives and amendment in Clause 32 of the
listing agreement with stock exchanges, the
Company will send Annual Report containing
inter-alia, Audited Consolidated and Standalone
Financial Statements, Directors’ Report,
Auditors’ Report, Management Discussion &
Analysis Report, Corporate Governance Report
including information for the Shareholders, other
important information and Notice of the ensuing
Annual General Meeting along with proxy form
electronically, who have opted for the same.
The said reports will also be available on the
Company’s website www.dlf.in.
Printed copy of the Chairman’s Speech is
distributed at the Annual General Meeting. The
same is also placed on the Company’s website
www.dlf.in.
Reminder letters for claiming unpaid dividend were
sent to the shareholders who, as per Company’s
records have not claimed their dividend.
NSE Electronic Application Processing System
(NEAPS) is a web based application designed by
NSE for corporates. Periodical compliance lings
e.g. shareholding pattern and corporate governance
report etc. are led electronically on NEAPS.
SEBI Complaints Redress System (SCORES): The
investor complaints are processed in a centralized
web based complaints redressal system. The
salient features of this system include centralised
database of all complaints, online upload of Action
Taken Reports (ATRs) by the concerned companies
and online viewing by investors of actions taken on
the complaints and their current status.
Exclusive Designated e-mail id
The Company has designated a dedicated
email id i.e. [email protected] exclusively
for investors’ servicing for faster registration of
their queries and/or grievances. All investors are
requested to avail this facility.
General Shareholders’ Information
a) Annual General Meeting
Date : Monday, 12
th
August, 2013
Time : 10:30 A.M.
Venue : DLF City Club, Opposite Trinity
Tower, Phase - V, DLF City, Gurgaon - 122 002
(Haryana)
b) Financial Calendar (tentative)
Financial Year April 1, 2013 to March 31,
2014
Adoption of Quarterly Results for the quarter
ending:
J une 30, 2013 1
st
/2
nd
week of August, 2013
September 30, 2013 1
st
/2
nd
week of November, 2013
December 31, 2013 1
st
/2
nd
week of February, 2014
March 31, 2014 4
th
week of May, 2014
c) Book Closure
From 1
st
August to 12
th
August, 2013 (both
days inclusive) for payment of dividend.
d) Dividend Payment Date
On or before 10
th
September, 2013
e) Liquidity
i) Equity Shares
The equity shares of the Company of the
face value of ` 2 each (fully paid) are listed
on the following Stock Exchanges:
a) BSE Limited (BSE)
P.J . Tower, Dalal Street
Mumbai - 400 001; and
b) National Stock Exchange of India Limited
(NSE)
Exchange Plaza, Bandra Kurla Complex
Bandra (E), Mumbai-400 051.
47
Stock Code
Bombay Stock Exchange (BSE): 532868
National Stock Exchange (NSE): DLF
The Company has paid the listing
fees to BSE & NSE for nancial year
2013-14. The Company has also paid
annual custodial fee for nancial year
2013-14 to National Securities Depository
Limited (NSDL) & Central Depository
Services (India) Limited (CDSL).
The International Securities Identication
Number (ISIN) allotted to Company’s
shares under the Depository System is
INE271C01023.
Outstanding Stock Options:
No. of Stock Options outstanding as on
31
st
March, 2013 – 51,60,235.
3,33,358 stock options were exercised
during the year 2012-13 representing
3,33,358 equity shares of ` 2 each, thus
increasing the paid-up share capital by
` 0.07 crore.
ii) Debt Instruments
Non-convertible debentures issued by the
Company on private placement basis are
listed at National Stock Exchange at its
Wholesale Debt Market (WDM) segment.
ISIN
i) INE271C07012; ii) INE271C07038;
iii) INE271C07087
Debenture Trustees
IL&FS Trustee Company Limited
f) Stock Market Data
Month National Stock Exchange (NSE) Bombay Stock Exchange (BSE)
High (`) Low (`) Volume High (`) Low (`) Volume
April, 2012 211.00 174.85 10,44,40,775 210.95 175.15 1,73,90,314
May, 2012 196.45 177.00 10,76,26,940 196.40 176.95 1,47,79,348
J une, 2012 201.25 169.75 10,92,75,927 201.35 169.55 1,65,92,910
J uly, 2012 218.30 192.60 10,76,54,683 218.30 192.85 1,45,53,270
August, 2012 220.00 188.15 10,54,51,342 221.00 188.25 1,17,55,354
September, 2012 244.70 191.65 11,88,63,450 244.65 191.60 1,18,51,689
October, 2012 244.95 195.50 18,48,79,294 245.00 195.55 2,41,98,070
November, 2012 217.40 196.90 10,00,96,133 217.45 196.80 1,25,53,504
December, 2012 232.30 209.25 14,74,08,243 232.40 209.20 1,68,51,282
J anuary, 2013 279.40 229.60 17,14,59,207 279.40 229.00 2,26,20,100
February, 2013 287.45 242.45 19,61,73,053 287.40 242.65 2,13,48,480
March, 2013 289.25 227.50 19,38,26,885 289.20 227.70 2,51,19,898
(Source: NSE & BSE websites)
48
g) Performance in comparison to NSE S&P CNX Nifty and BSE Sensex
4800
5000
5200
5400
5600
5800
6000
6200
0
50
100
150
200
250
300
350
S
&
P

C
N
X

N
i
f
t
y
Month
Stock Price Perofrmance: DLF Vs S&P CNX Nifty

DLF Share Price S&P CNX Nifty
S
h
a
r
e

P
r
i
c
e

(
i
n

`

)

16,000.00
16,500.00
17,000.00
17,500.00
18,000.00
18,500.00
19,000.00
19,500.00
20,000.00
20,500.00
0
50
100
150
200
250
300
350
B
S
E

S
e
n
s
e
x

Month
Stock Price Performance: DLF Vs BSE Sensex
DLF Share Price Sensex
S
h
a
r
e

P
r
i
c
e

(
i
n

`

)
h) Registrar and Share Transfer Agent (RTA)
Karvy Computershare Private Limited,
Plot No. 17–24, Vittalrao Nagar,
Madhapur, Hyderabad-500081, Phone No.
040-44655000; Fax No. 040-23420814;
e-mail: [email protected]; Contact
Persons: Mr. V.K. J ayaraman, General
Manager (RIS)/ Ms. Varalakshmi, Sr. Manager
(RIS); Website: www.karvy.com is the
Registrar and Share Transfer Agent (RTA) for
Physical Shares. Karvy is also the depository
interface of the Company with both National
Securities Depository Limited and Central
Depository Services (India) Limited.
i) Share Transfer Mechanism
The share transfer requests received
in physical form are processed through
Registrar and Share Transfer Agent, within
6-7 days from the date of receipt, subject to
the completeness of documents in all aspects.
The share certicates duly endorsed are
returned immediately to the shareholders by
RTA. With a view to expedite the process of
share transfer, the Board has delegated the
power of share transfer / transmission etc. to
Mr. Subhash Setia, Company Secretary and
Mr. Rajbeer S. Sachdeva, Group General
Counsel (Legal). The details of transfers/
transmission, so approved from time to
time, are placed before the Shareholders’/
Investors’ Grievance Committee & the Board
for noting and conrmation.
Pursuant to Clause 47(c) of the Listing
Agreement with the Stock Exchanges,
Certicate on half-yearly basis conrming
due compliance of share transfer formalities
by the Company, certicates for timely
dematerialization of the shares as per SEBI
(Depositories and Participants) Regulations,
1996 and Reconciliation of the Share Capital
Audit obtained from a practicing Company
Secretary have been submitted to stock
exchanges within stipulated time.
j) Investors’ Relations
Investors’ Relations function seeks to serve
promptly, efciently and with constant interface
the Company’s large institutional shareholder
base comprising foreign institutional investors,
nancial institutions, banks, mutual funds &
insurance companies. All queries from any
shareholder are promptly attended to.
The function assists the investor community in
understanding better the Company’s strategy,
vision and long term growth plans in order
for them to take informed decisions on their
investment.
49
k) Share Ownership Pattern
Sl. No. Category As on 31.03.2013 As on 30.05.2013
No. of Shares held %age No. of Shares held %age
1. Promoters and Promoter Group 1,33,48,03,120 78.58 1,33,48,03,120 75.00
2. Directors & their Relatives 7,88,291 0.05 7,88,291 0.05
3. Foreign Institutional Investors 28,26,36,581 16.64 35,59,90,853 20.00
4. NRIs & Foreign Nationals 16,70,800 0.10 17,39,271 0.10
5. Mutual Funds & UTI 9,17,091 0.05 12,84,616 0.07
6. Banks, FIs & Insurance Companies 42,91,069 0.25 45,01,902 0.25
7. Bodies Corporate 1,43,88,406 0.85 1,99,12,432 1.12
8. Public 5,92,23,719 3.48 6,07,17,009 3.41
TOTAL 1,69,87,19,077 100.00 1,77,97,37,494 100.00
l) Distribution of Shareholding by Size as on 31.03.2013
Sl. No. Category (Shares) Holders % of Total Holders Shares % of Total Shares
1 1 – 500 4,51,680 98.11 2,95,84,377 1.74
2 501 – 1000 4,685 1.02 35,35,876 0.21
3 1001 – 2000 1,719 0.37 25,73,580 0.15
4 2001 – 3000 497 0.11 12,75,210 0.07
5 3001 – 4000 260 0.06 9,49,653 0.06
6 4001 – 5000 201 0.04 9,40,523 0.05
7 5001 – 10000 401 0.09 29,86,389 0.18
8 10001 – 20000 311 0.07 45,95,109 0.27
9 Above 20000 614 0.13 1,65,22,78,360 97.27
TOTAL 4,60,368 100.00 1,69,87,19,077 100.00
m) Issue of Equity Shares
The Company has issued 8,10,18,417 equity
shares of the face value of ` 2 each at an
issue price of ` 230 per share, aggregating to
` 1,863.42 crore under Institutional Placement
Programme in terms of Chapter VIII-A of the
Securities and Exchange Board of India (Issue of
Capital & Disclosure Requirements) Regulations,
2009, as amended in order to achieve minimum
public shareholding of 25%. Post Issue, the
paid-up share capital of the Company has been
increased by ` 16.20 crore.
n) Dematerialization of Shares
The equity shares of the Company are tradable
in compulsory dematerialized segment of the
Stock Exchanges and are available in depository
system of National Securities Depository
Limited and Central Depository Services (India)
Limited.
As on 31
st
March, 2013, 1,69,39,12,795
equity shares (constituting 99.72%) were in
dematerialized form.
50
o) Dividend History
(` in million)
Year Rate(%) Amount
2008-09 100 3,394.38
2009-10 100 3,394.94
2010-11 100 3,395.20
2011-12 100 3,397.13
2012-13
(Proposed)
100 3,559.47
p) Transfer of Unpaid/Unclaimed Dividend
Amount to Investor Education and
Protection Fund (IEPF)
As per the provisions of Section 205A read with
Section 205C of the Companies Act, 1956,
the Company is required to transfer unpaid
dividends remaining unclaimed and unpaid
for a period of 7 years from the due date(s)
to the Investor Education and Protection Fund
(IEPF) set up by the Central Government.
Pursuant to the provisions of Investor
Education and Protection Fund (Uploading
information regarding unpaid and unclaimed
amounts lying with companies) Rules, 2012,
the Company has uploaded the details of
unpaid and unclaimed amounts lying with the
Company as on 7
th
September, 2012 (i.e., date
of Annual General Meeting) on the website of
the Company and also on the MCA website.
During the year under review, an amount of
` 1,24,544 pertaining to unpaid/ unclaimed
dividend for the nancial year 2004-05 has
been transferred to IEPF on 3
rd
November,
2012.
All Shareholders, whose dividend is
unclaimed pertaining to FY 2005-06 onwards,
are requested to lodge their claim with RTA/
Company by submitting an application
supported by an indemnity on or before
29.09.2013. Subsequently, no claim will lie
against the Company, once the dividend
amount is deposited in IEPF. Reminder letters
for claiming unpaid dividend were sent to the
shareholders who, as per Company’s records
have not claimed their dividend.
Members who have not encashed their dividend
warrants within their validity period may write to
the Company at its Registered Ofce or Karvy
Computershare Private Limited, Registrar
& Share Transfer Agent of the Company, for
revalidating the warrants or for obtaining
duplicate warrants / or payments in lieu of such
warrants in the form of the demand draft.
Given below are the dates when the unclaimed
dividend is due for transfer to IEPF by the
Company:
Financial
Year
Date of
Declaration
Due Date of
Transfer to IEPF*
2005-06 29.09.2006 28.10.2013
2006-07 29.09.2007 28.10.2014
2007-08 30.10.2007 05.12.2014
30.09.2008 05.11.2015
2008-09 30.09.2009 05.11.2016
2009-10 28.09.2010 03.11.2017
2010-11 04.08.2011 04.09.2018
2011-12 07.09.2012 13.10.2019
* indicative date, actual may vary.
q) Equity Shares in Suspense Accounts
As per Clause 5A of the Listing Agreement, the Company reports the following details:
Shareholders Number of
Shareholders
(Demat)
Number of
Equity Shares
Number of
Shareholders
(Physical)
Number of
Equity Shares
Aggregate number of shareholders and the outstanding
shares in the suspense account lying as on April 1, 2012.
96 5,330 152 4,58,093
Number of shareholders who approached the Company for
transfer of shares from suspense account during the year.
2 360 1 14,664
Number of shareholders to whom shares were transferred
from the suspense account during the year.
2 360 1 14,664
Aggregate number of shareholders and the outstanding
shares in the suspense account lying as on March 31, 2013.
94 4,970 151 4,43,429
51
The voting rights on the shares outstanding in
the suspense accounts as on March 31, 2013
shall remain frozen till the rightful owner of
such shares claims the shares.
r) Outstanding GDRs/ADRs/Warrants or any
Convertible instruments
The Company has not issued any GDRs/
ADRs / Warrants or any other convertible
instruments except the stock options to its
employees.
s) Plant Locations
The Company does not have any manufacturing
or processing plants. The Registered Ofce of
the Company is situated at Shopping Mall, 3
rd

Floor, Arjun Marg, Phase-I, DLF City, Gurgaon-
122 002, Haryana.
The Corporate Ofce of the Company is
located at DLF Centre, Sansad Marg, New
Delhi – 110 001.
t) Address for Correspondence
(i) Investor Correspondence
For transfer/dematerialization of equity
shares, non-payment of dividend and any
other queries relating to the equity shares,
Investors shall write to:
Karvy Computershare Private Limited
Unit: DLF Limited
Plot No.17 - 24, Vittalrao Nagar
Madhapur, Hyderabad - 500 081
Phone No. 040-44655000
Fax No. 040-23420814
E-mail: [email protected]
Contact Persons:
Mr.V.K. J ayaraman, General Manager
(RIS) /Ms. Varalakshmi, Sr. Manager(RIS);
Website: www.karvy.com
For dematerialization of equity shares, the
investors shall get in touch with their respective
depository participant(s).
(ii) Any query on Annual Report
The Company Secretary
DLF Limited
1-E, J handewalan Extension
Naaz Cinema Complex
New Delhi – 110 055
Risk Management
DLF has evolved an integrated approach aligned
with the organizational structure and strategic
objectives for managing risks inherent in our
business. The details of Risk Management
are forming part of Management Discussion
and Analysis (MDA) Report, appended to the
Annual Report.
Compliance Certicate from the Auditors
Certicate from the Statutory Auditors of the
Company, M/s. Walker, Chandiok & Co, Chartered
Accountants, conrming compliance with the
conditions of Corporate Governance as stipulated
under Clause 49 of the Listing Agreement is
annexed to this Report forming part of the Annual
Report.
Adoption of Mandatory and Non-Mandatory
Requirements
Apart from complying with all the mandatory
requirements, the Company has adopted following
non-mandatory requirements of Clause 49:
(a) Remuneration Committee: Remuneration
Committee was constituted to approve and
review compensation policies for executives
of the Board. The composition of the
Committee and the details of meetings held
and attendance of members thereat are given
elsewhere in this Report.
(b) Financial Statements: The nancial
statements of the Company, on standalone
basis, are unqualied.
(c) Whistle Blower Policy: The Company has
adopted a Whistle Blower Policy, the details of
which are given elsewhere in this Report.
52
Certicate from CEO and Group Chief
Financial Ofcer
In terms of Clause 49 of the Listing Agreement,
Certicate issued by Managing Director and Group
Chief Financial Ofcer is annexed to this Report.
Reconciliation of Share Capital
The certicate of Reconciliation of Share Capital
Audit conrming that the total issued capital of the
Company is in agreement with the total number
of shares in physical form and the total number of
dematerialized shares held with NSDL and CDSL,
is placed before the Board on quarterly basis and
also submitted to the stock exchanges.
Secretarial Audit
Secretarial Audit pertaining to areas covered
under the Companies Act, 1956; Depositories Act,
1996, SEBI Act, 1992; Listing Agreement and the
rules, regulations, guidelines and bye-laws made
thereunder, including the following, is carried out
as a part of the Internal Audit process:
SEBI (Substantial Acquisition of Shares and
Takeover) Regulations, 2011;
SEBI (Prohibition of Insider Trading)
Regulations, 1992;
SEBI (Employee Stock Options Scheme
and Employee Stock Purchase Scheme)
Guidelines, 1999.
Fee to Statutory Auditors
The fee paid to the Statutory Auditors for the FY
2012-13 was ` 114.74 lac (previous year ` 150.96
lac) including other certication fee.
Investors
The website of the Company www.dlf.in carries
information on Financial Results, Corporate
Announcements, Presentations, Credit Rating and
Institutional Investors/ Analysts Query, in addition
to other relevant information for investors.
Chief Executive Ofcer (CEO) and Group Chief Financial Ofcer (GCFO) Certication
The Board of Directors
DLF Limited
Pursuant to the provisions of Clause 49 of the Listing Agreement with BSE and NSE, we hereby certify
that:
(a) We have reviewed nancial statements and the cash ow statement for the nancial year 2012-13, on
stand-alone and consolidated basis, and that to the best of our knowledge and belief:
(i) these statements do not contain any materially untrue statement or omit any material fact or contain
statements that might be misleading;
(ii) these statements together present a true and fair view of the Company’s affairs and are in
compliance with existing accounting standards, applicable laws and regulations.
(b) There are, to the best of our knowledge and belief, no transactions entered into by the Company
during the year 2012-13 which are fraudulent, illegal or violative of the Company’s code of conduct.
(c) We accept responsibility for establishing and maintaining internal controls for nancial reporting and
that we have evaluated the effectiveness of internal control systems of the Company pertaining to
nancial reporting and we have disclosed to the Auditors and the Audit Committee, deciencies in the
design or operation of such internal controls, if any, of which we are aware and that we have taken all
necessary steps to rectify these deciencies.
53
(d) We have indicated to the Auditors and the Audit Committee:
(i) signicant changes, if any, in internal control over nancial reporting during the year;
(ii) signicant changes, if any, in accounting policies during the year and that the same have been
disclosed in the notes to the nancial statements; and
(iii) instances of signicant fraud of which we are aware and the involvement therein, if any, of the
management or an employee having a signicant role in the Company’s internal control system
over nancial reporting.
New Delhi Ashok Kumar Tyagi T.C. Goyal
30
th
May, 2013 Group CFO Managing Director
Auditors’ Certicate on compliance with the conditions of Corporate Governance under
Clause 49 of the Listing Agreement
The Members
DLF Limited
We have examined the compliance of conditions of Corporate Governance by DLF Limited (“the Company”)
for the year ended on March 31, 2013, as stipulated in Clause 49 of the Listing Agreement of the Company
with the Stock Exchanges.
The compliance of conditions of Corporate Governance is the responsibility of the management. Our
examination was limited to procedures and implementation thereof, adopted by the Company, for ensuring
the compliance of the conditions of Corporate Governance as stipulated in said Clause. It is neither an
audit nor an expression of opinion on the nancial statements of the Company.
In our opinion and to the best of our information and according to the explanations given to us, and as per
representations made by Directors and the Management, we certify that the Company has complied with
the conditions of Corporate Governance as stipulated in the above mentioned Listing Agreement.
We further state that such compliance is neither an assurance as to the future viability of the Company nor
the efciency or effectiveness with which the management has conducted the affairs of the Company.
for Walker, Chandiok & Co
Chartered Accountants
Firm Registration No. 001076N
per B.P. Singh
New Delhi Partner
30
th
May, 2013 Membership No. 70116
Financial Statements
DLF Ultima*, Sector-81, Gurgaon
*This is an artist’s impression
55
Independent Auditors’ Report
To
The Members of DLF Limited
Report on the Financial Statements
1. We have audited the accompanying nancial statements
of DLF Limited (“the Company”), which comprise the
Balance Sheet as at March 31, 2013, and the Statement
of Prot and Loss and also Cash Flow Statement for
the year then ended, and a summary of signicant
accounting policies and other explanatory information.
Management’s Responsibility for the Financial
Statements
2. Management is responsible for the preparation of these
nancial statements, that gives a true and fair view of
the nancial position, nancial performance and cash
ows 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 nancial 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
nancial 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 nancial
statements are free from material misstatement.
4. An audit involves performing procedures to obtain audit
evidence about the amounts and disclosures in the
nancial statements. The procedures selected depend
on the auditors’ judgment, including the assessment
of the risks of material misstatement of the nancial
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 nancial 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 nancial statements.
5. We believe that the audit evidence we have obtained
is sufcient 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 nancial
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 Prot and Loss, of the
prot

for the year ended on that date; and
(c) in the case of the Cash Flow Statement, of the cash
ows 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 nal resolution of these material matters, and the
resultant nancial adjustments if any, will be recorded
in the periods in which these matters are resolved. Our
audit report is not qualied 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 specied 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 nancial statements dealt with by this report are
in agreement with the books of account;
(d) in our opinion, the nancial 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 disqualied 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.
for Walker, Chandiok & Co
Chartered Accountants
Firm Registration No: 001076N
per Vinod Chandiok
New Delhi Partner
May 30, 2013 Membership No. 10093
56
Annexure to the Independent Auditors’ Report of even date to the members of DLF Limited,
on the nancial statements for the year ended March 31, 2013
loans to four parties covered in the register
maintained under Section 301 of the Act.
The maximum amount outstanding during
the year is ` 5,97,820.23 lac and the year-
end balance is ` 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, rms 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
` 54,321.52 lac and the year-end balance
is ` 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 xed 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
Based on the audit procedures performed for the
purpose of reporting a true and fair view on the
nancial 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 xed
assets.
b) A major portion of the xed assets
has been physically veried by the
management during the year and no
material discrepancies were noticed
on such verication. In our opinion, the
frequency of verication of the xed assets
is reasonable having regard to the size of
the Company and the nature of its assets.
No material discrepancies were noticed on
such verication.
c) In our opinion, a substantial part of 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 identied land.
Physical verication of inventory (except
stocks represented by development
rights, conrmations for which have
been obtained) have been conducted at
reasonable intervals by the management.
b) The procedures of physical verication 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
verication.
iii. a) The Company has granted unsecured
57
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 ve 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
(`) in lac
Amount paid
(`) in lac*
Period to which
the amount
relates
Forum where
dispute is pending
Income Tax Act, 1961 Demand made under Section
143(3)
190.93 137.04 Assessment year
1997-98
High Court
Income Tax Act, 1961 Demand made under Section
143(3)
86.53 - Assessment year
1999-2000
High Court
Income Tax Act, 1961 Demand made under Section
143(3)
216.92 101.73 Assessment year
2000-01
High Court
Income Tax Act, 1961 Demand made under Section
147/263/143(3)
667.28 331.67 Assessment year
2002-03
Appeal pending before
Income Tax Appellate
Tribunal (ITAT), however
order of CIT(A) received
with a relief of ` 667.28
lac.
Income Tax Act, 1961 Demand made under Section
147/143(3)
431.99 330.29 Assessment year
2003-04
Appeal pending before
Income Tax Appellate
Tribunal (ITAT), however
order of CIT(A) received
with a relief of ` 413.08
lac.
Income Tax Act, 1961 Demand made under Section
147/143(3)
408.89 - Assessment year
2004-05
Appeal pending before
Income Tax Appellate
Tribunal (ITAT), however
order of CIT(A) received
with a relief of ` 408.89
lac.
58
Name of the statute Nature of dues Demand
amount
(`) in lac
Amount paid
(`) in lac*
Period to which
the amount
relates
Forum where
dispute is pending
Income Tax Act, 1961 Demand made under section
143(3)
379.23 379.23 Assessment year
2005-06
Order of CIT(A) received
with a relief of ` 379.23
lac, appeal effect order of
which is pending.
And time limit for
challenging the said
order by the appropriate
authorities before ITAT
has not been expired.
Income Tax Act, 1961 Demand made under Section
144/145(3) / 142(2A)/271(1)(c)
53,820.55 9,947.02 Assessment year
2006-07
Appeal pending before
Income Tax Appellate
Tribunal (ITAT), however
order of CIT(A) received
with a relief of ` 44,298.59
lac.
Income Tax Act, 1961 Demand made under Section
143(3)/142(2A)
8,014.58 523.49 Assessment year
2007-08
Appeal pending before
ITAT, however order of
CIT(A) received with a
relief of ` 7,670.48 lac.
Income Tax Act, 1961 Demand made under Section
143(3)/142(2A)
54,684.97 27,848.58 Assessment year
2008-09
Appeal pending before
ITAT, however order of
CIT(A) received with a
relief of ` 54,146.81 lac,
appeal effect order of
which is pending.
Income Tax Act, 1961 Demand made under Section
143(3)/142(2A)
45,739.22 11,649.66 Assessment year
2009-10
Order of CIT(A) received
with a relief of ` 45,022.76
lac, appeal effect order of
which is pending.
Appeal to be led by the
Company before ITAT for
claiming further relief for
remaining amount.
Income Tax Act, 1961 Demand made under Section
201 (1)/194J
84.20 20.00 Assessment year
2006-07 and
2007-08
CIT (Appeals)
Income Tax Act, 1961 Demand made under Section
201 (1)/194J
545.45 - Assessment year
2007-08
Appeal pending before
ITAT, however order of
CIT(A) received with a
relief of ` 545.13 lac.
Income Tax Act, 1961 Demand made under Section
201 (1)/194J
234.69 - Assessment year
2008-09
Appeal pending before
ITAT, however order of
CIT(A) received with a
relief of ` 226.34 lac.
Income Tax Act, 1961 Demand made under Section
201 (1)/194J
5.58 - Assessment year
2006-07
Appeal pending before
ITAT, however order of
CIT(A) received with a
relief of ` 5.58 lac.
The Finance Act, 2004 and
Service Tax Rules
Demand of service tax on
property transfer charges
received from customers
143.18 - 2003-04 to
December 2008
Custom Excise and
Service Tax Appellate
Tribunal (CESTAT)
The Finance Act, 2004 and
Service Tax Rules
Demand of service tax on
property transfer charges
received from customers
15.74 - J anuary 2009 to
September 2009
CESTAT
The Finance Act, 2004 and
Service Tax Rules
Demand of service tax on
property transfer charges
received from customers
10.58 - October 2009 to
September 2010
CESTAT
The Finance Act, 2004 and
Service Tax Rules
Denial of service tax input
credit
1,967.12 - 2007-08 CESTAT
The Finance Act, 2004 and
Service Tax Rules
Denial of service tax input
credit
577.99 - April 2009 to
September 2009
CESTAT
59
Name of the statute Nature of dues Demand
amount
(`) in lac
Amount paid
(`) in lac*
Period to which
the amount
relates
Forum where
dispute is pending
The Finance Act, 2004 and
Service Tax Rules
Denial of service tax input
credit
1,969.01 - 2008-09 CESTAT
The Finance Act, 2004 and
Service Tax Rules
Demand of service tax on
sponsorship fee paid
988.85 - 2008-09 CESTAT
The Finance Act, 2004 and
Service Tax Rules
Demand of service tax on
sponsorship fees paid
824.05 - 2009-10 CESTAT
The Finance Act, 2004 and
Service Tax Rules
Demand of service tax on
sponsorship fees paid
824.05 - 2010-11 CESTAT
The Finance Act, 2004 and
Service Tax Rules
Denial of service tax input
credit
785.55 - October 2009 to
September 2010
CESTAT
The Finance Act, 2004 and
Service Tax Rules
Demand of service tax on
property transfer charges
received from customers
10.54 - October 2010 to
September 2011
Additional Comissioner
Service Tax
The Finance Act, 2004 and
Service Tax Rules
Denial of service tax input
credit
168.87 168.87 October 2010 to
September 2011
Commissioner Service
Tax
* Amounts paid under protest
x. In our opinion, the Company has no
accumulated losses at the end of the nancial
year and it has not incurred cash losses in
the current and the immediately preceding
nancial year.
xi. In our opinion, the Company has not defaulted
in repayment of dues to any nancial 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 benet 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 nancial
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
60
Note 2013 2012
EQUITY AND LIABILITIES
Shareholders’ funds
Share capital 2 33,974.38 33,967.71
Reserves and surplus 3 1,427,445.78 1,415,687.99
1,461,420.16 1,449,655.70
Share application money pending allotment 0.07 0.02
Non-current liabilities
Long-term borrowings 4 827,201.33 957,306.77
Deferred tax liabilities (net) 5 9,746.83 7,860.82
Other long-term liabilities 6 104,281.09 127,963.12
Long-term provisions 7 1,142.75 946.57
942,372.00 1,094,077.28
Current liabilities
Short-term borrowings 8 282,901.85 240,205.15
Trade payables 9 87,935.05 84,654.78
Other current liabilities 10 877,702.63 681,776.61
Short-term provisions 7 43,318.31 56,431.02
1,291,857.84 1,063,067.56
3,695,650.07 3,606,800.56
ASSETS
Non-current assets
Fixed assets
Tangible assets 11 181,609.59 187,855.54
Intangible assets 11 21,097.33 9,075.21
Capital work-in-progress 11 254,247.71 207,776.74
Intangible assets under development 11 7.59 11,918.18
Non-current investments 12 669,112.84 703,440.87
Long-term loans and advances 13 263,297.00 515,392.14
Other non-current assets 14 9,744.75 10,372.57
1,399,116.81 1,645,831.25
Current assets
Current investments 15 18,542.24 1,224.00
Inventories 16 887,560.21 811,107.48
Trade receivables 17 40,247.92 51,741.85
Cash and bank balances 18 38,939.00 36,657.49
Short-term loans and advances 13 593,271.04 529,717.45
Other current assets 19 717,972.85 530,521.04
2,296,533.26 1,960,969.31
3,695,650.07 3,606,800.56
Signicant accounting policies 1
The accompanying notes are an integral part of the Financial Statements
For and on behalf of the Board of Directors
Ashok Kumar Tyagi Subhash Setia T.C. Goyal Rajiv Singh
Group Chief Financial Ofcer Company Secretary Managing Director Vice Chairman
This is the Balance Sheet referred to in our report of even date
for Walker, Chandiok & Co
Chartered Accountants
New Delhi per Vinod Chandiok
May 30, 2013 Partner
Standalone Balance Sheet as at March 31, 2013
(` in lac)
61
Standalone Statement of Prot and Loss for the year ended March 31, 2013
(` in lac)
Note 2013 2012
INCOME
Sales and other income 20 330,483.89 458,266.58
330,483.89 458,266.58
EXPENSES
Cost of land, plots and constructed properties and
development rights
21 30,557.03 93,287.88
Employee benets expense 22 11,854.96 12,711.58
Finance costs 23 170,988.66 155,377.90
Depreciation and amortisation expense 24 14,188.71 13,983.61
Other expenses 25 33,641.38 32,134.52
261,230.74 307,495.49
Prot before tax and prior period items 69,253.15 150,771.09
Tax expense 26 17,586.01 45,876.70
Prot after tax but before prior period items 51,667.14 104,894.39
Earlier year items :
Income tax - earlier years 1,234.32 670.51
Prior period expenses 27 276.33 44.58
Net prot for the year 50,156.49 104,179.30
Earnings per share 28
Basic earnings per share (`) 2.95 6.14
Diluted earnings per share (`) 2.95 6.12
Signicant accounting policies 1
The accompanying notes are an integral part of the Financial Statements
For and on behalf of the Board of Directors
Ashok Kumar Tyagi Subhash Setia T.C. Goyal Rajiv Singh
Group Chief Financial Ofcer Company Secretary Managing Director Vice Chairman
This is the Statement of Prot & Loss referred to in our report of even date
for Walker, Chandiok & Co
Chartered Accountants
New Delhi per Vinod Chandiok
May 30, 2013 Partner
62
2013 2012
A. CASH FLOW FROM OPERATING ACTIVITIES
Net prot before tax and prior period items 69,253.15 150,771.09
Adjustment for:
Depreciation and amortisation 14,188.71 13,983.61
Loss on sale of xed assets (net) 314.13 178.34
Prot on sale of investments (net) (11,838.22) (28,955.46)
Assets written off /discarded - 1.08
Amounts written off 88.79 2.04
Interest expense 170,988.66 155,377.90
Interest income (101,144.82) (75,263.92)
Loss /(Prot) from partnership rms (net) 3,981.88 (1,319.11)
Loss on foreign currency transactions (net) 455.73 1,675.78
Dividend income (2,685.76) (887.41)
Amount forfeited on properties (86.49) (393.80)
Amortisation of deferred employee compensation 3,249.50 3,889.80
Unclaimed balances and excess provisions written back (643.98) (1,009.87)
Prior period expenses (276.33) (44.58)
Provision for doubtful debts and advances (net) 953.33 4.00
Provision for employee benets 553.54 (578.87)
Operating prot before working capital changes 147,351.82 217,430.62
Adjustment for:
Trade and other receivables (180,754.76) (146,892.44)
Inventories (23,151.36) 13,116.21
Trade and other payables (12,589.97) 19,942.60
Amount (refunded) / received towards development rights to
Subsidiaries/ partnership rms (19,286.57) 45,615.83
Others (net) 2.92 (1.28)
Payables to subsidiary companies/ rms (3,089.73) 7,458.31
Realisation under agreement to sell 124,835.77 (62,560.20)
Cash from operations 33,318.13 94,109.65
Direct taxes paid (net of refunds) (40,718.04) (52,190.50)
Net cash (used in) /from operating activities (7,399.92) 41,919.15
B. CASH FLOW FROM INVESTING ACTIVITIES
Acquisition of xed assets (including capital work-in-progress) (48,314.37) (32,833.65)
Purchase of investments
Subsidiary companies/ partnership rms (1,989.56) (846.00)
Others (19,279.24) (1,019.00)
Standalone Cash Flow Statement for the year ended March 31, 2013
(` in lac)
63
2013 2012
Proceeds from disposal of:
Fixed assets 74.06 94.37
Investments:
In subsidiary companies/ partnership rms 50,718.14 29,880.00
Others 11.00 -
Movement in xed deposit with maturity more than 3 months (net) (4,549.50) 1,531.79
Interest received 103,195.85 74,128.43
Dividend received 2,685.76 887.41
Loans and advances
Subsidiary companies/ partnership rms (net) 214,638.11 45,456.97
Others (net) (21,497.57) (1,409.07)
Net cash from investing activities 275,692.68 115,871.25
C. CASH FLOW FROM FINANCING ACTIVITIES
Proceeds from issue of share capital including securities premium 6.67 16.27
Proceeds from long-term borrowings 334,292.99 187,574.00
Repayment of long-term borrowings (298,753.00) (83,413.45)
Repayment of debentures (100,000.00) (30,000.00)
Proceeds from short-term borrowings (net) 42,696.70 15,396.09
Interest paid (211,101.47) (191,063.70)
Dividend paid (33,971.28) (33,952.05)
Dividend tax paid (5,510.99) -
Net cash used in nancing activities (272,340.38) (135,442.84)
Net (decrease)/ increase in cash and cash equivalents (4,047.62) 22,347.56
Cash and cash equivalents at the beginning of the year 35,531.81 13,184.25
Cash and cash equivalents at the close of the year 31,484.19 35,531.81
(4,047.62) 22,347.56
Notes
Cash and bank balance (as per note 18 to the nancial statements) 31,485.16 35,537.24
Less: Exchange gain 0.97 5.43
31,484.19 35,531.81
For and on behalf of the Board of Directors
Ashok Kumar Tyagi Subhash Setia T.C. Goyal Rajiv Singh
Group Chief Financial Ofcer Company Secretary Managing Director Vice Chairman
This is the Cash Flow Statement referred to in our report of even date
for Walker, Chandiok & Co
Chartered Accountants
New Delhi per Vinod Chandiok
May 30, 2013 Partner
(` in lac)
64
Notes to the Standalone Financial Statements
1. SIGNIFICANT ACCOUNTING POLICIES
a) Basis of accounting
The Financial Statements are prepared under
historical cost convention, on accrual basis,
in accordance with the generally accepted
accounting principles in India and to comply
with the Accounting Standards prescribed in the
Companies (Accounting Standards) Rules, 2006
issued by the Central Government in exercise
of the power conferred under sub-section (1) (a)
of Section 642 and the relevant provisions of the
Companies Act, 1956 (the “Act”).
All assets and liabilities have been classied
as current or non-current, wherever applicable
as per the operating cycle of the Company as
per the guidance as set out in the Revised
Schedule VI to the Companies Act, 1956.
b) Use of estimates
The preparation of nancial statements in
conformity with generally accepted accounting
principles requires the management to make
estimates and assumptions that affect the
reported amounts of assets and liabilities
and the disclosure of contingent liabilities on
the date of the nancial statements and the
results of operations during the reporting
periods. Although these estimates are based
upon management’s knowledge of current
events and actions, actual results could differ
from those estimates and revisions, if any, are
recognised in the current and future periods.
c) Intangible assets and amortisation
i) Softwares which are not integral part of
the hardware are classied as intangibles
and are stated at cost less accumulated
amortisation. These are being amortised
over the estimated useful life of 5 years,
as determined by the management.
ii) The Company has acquired exclusive
usage rights for 30 years under the build,
own, operate and transfer scheme of the
public private partnership (‘PPP’) scheme
in respect of properties developed as
automated multi-level car parking and
commercial space and classied them
under the “Intangible Assets – Right on
Building and Right on Plant & Machinery”.
The Company has arrived at the cost of
such intangible assets in accordance
with provisions of relevant Accounting
Standards. The cost of these rights is
being amortised over the concession
period in the proportion in which the
actual revenue received during the
accounting year bears to the Projected
Revenue from such Intangibles till the
end of concession period in accordance
with the notication no. G.S.R. 298
(E) dated April 17, 2012 as notied in
Ministry of Corporate Affairs (“MCA”) on
the Intangible Assets of Schedule XIV of
the Companies Act, 1956.
d) Fixed assets and depreciation
i) Fixed assets (gross block) are stated
at historical cost less accumulated
depreciation and impairment (if any). Cost
comprises the purchase price and any
attributable cost of bringing the asset to its
working condition for its intended use.
Building / specic identiable portions of
building, including related equipments
are capitalised when the construction is
substantially complete or upon receipt of
the occupancy certicate, whichever is
earlier.
Depreciation on assets (including
buildings and related equipment’s rented
out and included under current assets
as invetories) is provided on straight-line
method at the rates and in the manner
prescribed in Schedule XIV to the
Companies Act, 1956.
ii) Capital work-in-progress (including
intangible assets under development)
represents expenditure incurred in respect
of capital projects / intangible assets under
development and are carried at cost. Cost
includes land, related acquisition expenses,
development / construction costs, borrowing
costs and other direct expenditure.
iii) Leasehold land, under perpetual lease,
65
is not amortised. Leasehold lands,
other than on perpetual lease, are being
amortised on time proportion basis over
their respective lease periods.
e) Investments
Investments are classied as non-current or
current, based on management's intention at
the time of purchase. Investments that are
readily realisable and intended to be held
for not more than a year are classied as
current investments. All other investments are
classied as non-current investments.
Trade investments are the investments made
for or to enhance the Company's business
interests.
Current investments are stated at lower of
cost and fair value determined on an individual
investment basis. Non-current investments
are stated at cost and provision for diminution
in their value, other than temporary, is made in
the nancial statements.
Prot/loss on sale of investments is computed
with reference to the average cost of the
investment.
f) Inventories
Inventories are valued as under:
i) Land and plots other than area
transferred to constructed properties at
the commencement of construction are
valued at lower of cost/ approximate
average cost/ as revalued on conversion
to stock and net realisable value. Cost
includes land (including development
rights and land under agreements to
purchase) acquisition cost, borrowing
cost, estimated internal development
costs and external development charges.
ii) Constructed properties other than Special
Economic Zone (SEZ) projects includes
the cost of land (including development
rights and land under agreements
to purchase), internal development
costs, external development charges,
construction costs, overheads, borrowing
cost, development/ construction materials
and is valued at lower of cost/ estimated
cost and net realisable value.
iii) In case of SEZ projects, constructed
properties include internal development
costs, external development charges,
construction costs, overheads, borrowing
cost, development/ construction materials,
and is valued at lower of cost/ estimated
cost and net realisable value.
iv) Development rights represents amount
paid under agreement to purchase land/
development rights and borrowing cost
incurred by the Company to acquire
irrevocable and exclusive licenses/
development rights in identied land and
constructed properties, the acquisition of
which is at an advanced stage.
v) Construction/ development material is
valued at lower of cost and net realisable
value.
vi) Rented buildings and related equipments
are valued at lower of cost (less
accumulated depreciation) and net
realisable value.
g) Revenue recognition
i) Revenue from constructed properties
is recognized in accordance with the
provisions of Accounting Standard
(AS) 9 on Revenue Recognition, read
with Guidance Note on “Recognition of
Revenue by Real Estate Developers”.
Revenue is computed based on the
“percentage of completion method” and
on the percentage of actual project costs
incurred thereon to total estimated project
cost, subject to such actual cost incurred
being 30 per cent or more of the total
estimated project cost .
(a) For projects, other than SEZ projects,
Revenue is recognised in accordance
with the term of duly executed,
agreements to sell / application forms
(containing salient terms of agreement to
sell). Estimated project cost includes cost
of land/ development rights, borrowing
costs, overheads, estimated construction
and development cost of such properties.
The estimates of the saleable area and
costs are reviewed periodically and
66
Notes to the Standalone Financial Statements (Contd.)
effect of any changes in such estimates
is recognised in the period in which such
changes are determined. However, when
the total project cost is estimated to
exceed total revenues from the project,
loss is recognised immediately.
(b) For SEZ projects, Revenue from
development charges is recognised in
accordance with the terms of the Co-
developer Agreements / Memorandum
of Understanding (‘MOU’), read with
addendum, if any. The estimated
project cost includes construction cost,
development and construction material,
internal development cost, external
development charges, borrowing cost and
overheads of such project. Revenue from
Lease of land pertaining to such projects
is recognised in accordance with the
terms of the Co-developer Agreements/
MOU on accrual basis.
With effect from April 1, 2012 in accordance
with the Revised Guidance Note issued by
Institute of Chartered Accountants of India
(“ICAI”) on “Accounting for Real Estate
Transactions (Revised 2012)”, the Company
revised its Accounting Policy of revenue
recognition for all projects commencing on
or after April 1, 2012 or project where the
revenue is recognized for the rst time on or
after the above date. As per this Guidance
Note, the revenue have been recognized on
percentage of completion method provided
all of the following conditions are met at the
reporting date.
atleast 25% of estimated construction
and development costs (excluding land
cost) has been incurred;
atleast 25% of the saleable project area
is secured by the Agreements to sell/
application forms (containing salient
terms of the agreement to sell); and
atleast 10% of the total revenue as per
agreement to sell are realized in respect
of these agreements.
ii) Sale of land and plots (including development
rights) is recognised in the nancial year
in which the agreement to sell/ application
forms (containing salient terms of agreement
to sell) is executed. Where the Company
has any remaining substantial obligations as
per the agreements, revenue is recognised
on the percentage of completion method of
accounting, as per (i) (a) above.
iii) Sale of development rights is recognized in
the nancial year in which the agreements of
sale are executed and there is no uncertainty
in the ultimate collections.
iv) Revenue from wind power generation is
recognised on the basis of actual power sold
(net of reactive energy consumed), as per
the terms of the power purchase agreements
entered into with the respective purchasers.
v) Income from interest is accounted for on
time proportion basis taking into account the
amount outstanding and the applicable rate of
interest.
vi) Dividend income is recognised when the right
to receive is established by the reporting
date.
vii) Share of prot/ loss from rms in which the
Company is a partner is accounted for in
the nancial year ending on (or immediately
before) the date of the balance sheet.
viii) Rent, service receipts and interest from
customers under agreement to sell is
accounted for on accrual basis except in
cases where ultimate collection is considered
doubtful.
ix) Sale of Certied Emission Reductions (CERs)
and Voluntary Emission Reductions (VERs) is
recognised as income on the delivery of the
CERs/VERs to the customer’s account and
receipt of payment.
h) Unbilled receivables
Unbilled receivables disclosed under Note
No. 19 - “Other Current Assets” represents
revenue recognised based on Percentage
of Completion Method (as per para no. g (i)
and g(ii) above), over and above the amount
due as per the payment plans agreed with the
customers.
67
i) Cost of revenue
i) Cost of constructed properties other
than SEZ projects, includes cost of land
(including cost of development rights/
land under agreements to purchase),
estimated internal development costs,
external development charges, borrowing
costs, overheads, construction costs and
development/ construction materials,
which is charged to the statement of
prot and loss based on the percentage
of revenue recognised as per accounting
policy no. g (i)(a) above, in consonance
with the concept of matching costs and
revenue. Final adjustment is made upon
completion of the specic project.
For SEZ projects, cost of constructed
properties includes estimated internal
development costs, external development
charges, borrowing costs, overheads,
construction costs and development/
construction materials, which is charged
to the statement of prot and loss based
on the percentage of revenue recognised
as per accounting policy no. g (i)(b)
above, in consonance with the concept
of matching costs and revenue. Final
adjustment is made upon completion of
the specic project.
ii) Cost of land and plots includes land
(including development rights) acquisition
cost, estimated internal development
costs and external development charges,
which is charged to statement of prot
and loss based on the percentage of
land/ plotted area in respect of which
revenue is recognised as per accounting
policy no. g (ii) above to the saleable
total land/ plotted area of the scheme, in
consonance with the concept of matching
cost and revenue. Final adjustment is
made upon completion of the specic
project.
iii) Cost of development rights is measured
at the rate at which the same have
been purchased from the Land
Owning Companies (LOCs) as per the
agreement.
j) Borrowing costs
Borrowing costs that are attributable to the
acquisition and/or construction of qualifying
assets are capitalised as part of the cost of
such assets, in accordance with notied
Accounting Standard 16 “Borrowing Costs”. A
qualifying asset is one that necessarily takes
a substantial period of time to get ready for
its intended use. Capitalisation of borrowing
costs is suspended in the period during which
the active development is delayed due to,
other than temporary, interruption. All other
borrowing costs are charged to the statement
of prot and loss as incurred.
k) Taxation
Tax expense for the year comprises current
income tax and deferred tax. Current income
tax is determined in respect of taxable income
with deferred tax being determined as the
tax effect of timing differences representing
the difference between taxable income and
accounting income that originate in one
period, and are capable of reversal in one or
more subsequent period(s). Such deferred
tax is quantied using rates and laws enacted
or substantively enacted as at the end of the
nancial year.
l) Foreign currency transactions
Transactions in foreign currency are
accounted for at the exchange rate prevailing
on the date of the transaction. All monetary
items denominated in foreign currency are
converted into Indian rupees at the year-end
exchange rate. Income and expenditure of
the overseas liaison ofce is translated at the
yearly average rate of exchange.
The exchange differences arising on
such conversion and on settlement of the
transactions are recognised in the statement
of prot and loss.
In terms of the clarication provided by Ministry
of Corporate Affairs (“MCA”) vide a notication
no. G.S.R.913(E) on Accounting Standard
– 11 “Changes in Foreign Exchange Rates”,
the exchange gain/loss on long term foreign
currency monetary items is adjusted in the
68
Notes to the Standalone Financial Statements (Contd.)
cost of depreciable capital assets. The other
exchange gains/ losses have been recognised
in the statement of prot and loss.
m) Employee benets
Expenses and liabilities in respect of employee
benets are recorded in accordance with the
notied Accounting Standard 15 - Employee
Benets.
(i) Provident fund
The Company makes contribution to
statutory provident fund in accordance
with the Employees’ Provident Funds and
Miscellaneous Provisions Act, 1952. In
terms of the Guidance on implementing
the revised AS – 15, issued by the
Accounting Standards Board of the ICAI,
the provident fund trust set up by the
Company is treated as a dened benet
plan since the Company has to meet
the interest shortfall, if any. Accordingly,
the contribution paid or payable and the
interest shortfall, if any is recognised
as an expense in the period in which
services are rendered by the employee.
(ii) Gratuity
Gratuity is a post-employment benet and
is in the nature of a dened benet plan.
The liability recognised in the balance
sheet in respect of gratuity is the present
value of the dened benet/ obligation
at the balance sheet date, together
with adjustments for unrecognised
actuarial gains or losses and past service
costs. The dened benet/obligation
is calculated at or near the balance
sheet date by an independent actuary
using the projected unit credit method.
Actuarial gains and losses arising from
past experience and changes in actuarial
assumptions are credited or charged to the
statement of prot and loss in the year in
which such gains or losses are determined.
(iii) Compensated absences
Liability in respect of compensated
absences becoming due or expected
to be availed within one year from the
balance sheet date is recognised on the
basis of undiscounted value of estimated
amount required to be paid or estimated
value of benet expected to be availed
by the employees. Liability in respect of
compensated absences becoming due or
expected to be availed more than one year
after the balance sheet date is estimated
on the basis of an actuarial valuation
performed by an independent actuary
using the projected unit credit method.
Actuarial gains and losses arising from
past experience and changes in actuarial
assumptions are credited or charged to the
statement of prot and loss in the year in
which such gains or losses are determined.
(iv) Employee Shadow Option Scheme
(Cash Settled Options)
Accounting value of Cash Settled
Options granted to employees under
the “Employee Shadow Option Scheme”
is determined on the basis of intrinsic
value representing the excess of the
average market price, during the month
before the reporting date, over the
exercise price of the shadow option. The
same is charged as employee benets
over the vesting period, in accordance
with Guidance Note 18 “Share Based
Payments”, issued by the ICAI.
(v) Other short-term benets
Expense in respect of other short-term
benets is recognised on the basis of the
amount paid or payable for the period
during which services are rendered by
the employee.
Contribution made towards
Superannuation Fund (funded by
payments to Life Insurance Corporation
of India (LIC)) is charged to the statement
of prot and loss on accrual basis.
n) Leases
Assets subject to operating leases are included
under xed assets or current assets as
appropriate. Rent (Lease) income is recognised
in the statement of prot and loss on a straight-
69
line basis over the lease term. Costs, including
depreciation, are recognised as an expense in
the statement of prot and loss.
o) Employee Stock Option Plan (ESOP)
Accounting value of stock options is determined
on the basis of “intrinsic value” representing the
excess of the market price on the date of grant
over the exercise price of the options granted
under the "Employee Stock Option Scheme"
of the Company, and is being amortised as
"Deferred employee compensation" on a
straight-line basis over the vesting period in
accordance with the SEBI (Employee Stock
Option Scheme and Employee Stock Purchase
Scheme) Guidelines, 1999 and Guidance
Note 18 "Share Based Payments" issued by
the ICAI.
p) Impairment of assets
The Company assesses at each balance sheet
date whether there is any indication that an
asset may be impaired. If any such indication
exists, the Company estimates the recoverable
amount of the asset. If such recoverable
amount of the asset or the recoverable amount
of the cash generating unit to which the asset
belongs is less than its carrying amount, the
carrying amount is reduced to its recoverable
amount and the reduction is treated as an
impairment loss and is recognised in the
statement of prot and loss. If at the balance
sheet date there is an indication that a
previously assessed impairment loss no longer
exists, the recoverable amount is reassessed
and the asset is reected at the recoverable
amount subject to a maximum of depreciated
historical cost and is accordingly reversed in
the statement of prot and loss.
q) Contingent liabilities and provisions
Depending upon the facts of each case and
after due evaluation of legal aspects, claims
against the Company are accounted for as
either provisions or disclosed as contingent
liabilities. In respect of statutory dues disputed
and contested by the Company, contingent
liabilities are provided for and disclosed
as per original demand without taking into
account any interest or penalty that may
accrue thereafter. The Company makes a
provision when there is a present obligation
as a result of a past event where the outow of
economic resources is probable and a reliable
estimate of the amount of obligation can be
made. Possible future or present obligations
that may but will probably not require outow
of resources or where the same cannot be
reliably estimated, is disclosed as contingent
liability in the Financial Statements.
r) Earnings per share
Basic earnings per share is calculated by
dividing the net prot or loss for the period
attributable to equity shareholders by the
weighted average number of equity shares
outstanding during the period. The weighted
average numbers of equity shares outstanding
during the period are adjusted for events
including a bonus issue, bonus element in a
rights issue to existing shareholders, share
split, and reverse share split (consolidation
of shares).
For the purpose of calculating diluted
earnings per share, the net prot or loss for
the period attributable to equity shareholders
and the weighted average number of shares
outstanding during the period are adjusted
for the effects of all dilutive potential equity
shares. The period during which, number
of dilutive potential equity shares change
frequently, weighted average number of
shares are computed based on a mean date
in the quarter, as impact is immaterial on
earnings per share.
70
Notes to the Standalone Financial Statements (Contd.)
(` in lac)
2013 2012
2. SHARE CAPITAL
Authorised Capital
2,497,500,000 (previous year 2,497,500,000) equity shares of ` 2 each 49,950.00 49,950.00
50,000 (previous year 50,000) cumulative redeemable preference shares of ` 100 each 50.00 50.00
50,000.00 50,000.00
Issued and subscribed capital
1,706,401,324 (previous year 1,706,263,533) equity shares of ` 2 each 34,128.03 34,125.27
Paid-up capital
1,698,719,077 (previous year 1,698,385,719) equity shares of ` 2 each 33,974.38 33,967.71
a) Reconciliation of equity shares outstanding at the beginning and at the end of the year.
March 31, 2013 March 31, 2012
No. of shares ` in lac No. of shares ` in lac
Equity shares at the beginning of the year 1,698,385,719 33,967.71 1,697,571,794 33,951.44
Add : Shares issued on exercise of Employee Stock Option Plan (ESOP) 333,358 6.67 813,925 16.27
Equity shares at the end of the year 1,698,719,077 33,974.38 1,698,385,719 33,967.71
b) Rights/preferences/restrictions attached to equity shares
The Company has only one class of equity shares having a par value of ` 2 per share. Each holder
of equity shares is entitled to one vote per share. The Company declares and pays dividend in Indian
Rupees. The dividend proposed by the Board of Directors is subject to the approval of the shareholders
in the ensuing Annual General Meeting, except interim dividend.
In the event of liquidation of the Company, the holders of equity shares will be entitled to receive
remaining assets of the Company, after distribution of all preferential amounts, if any. The distribution
will be in proportion to the number of equity shares held by the shareholders.
During the year ended March 31, 2013, the amount of proposed nal dividend recognized as
distributions to equity shareholders is ` 2 per share (March 31, 2012: ` 2 per share). The dividend
proposed for the current year also includes provision taken for shares alloted subsequent to the year
end under the Institutional Placement Programme (‘IPP’).
c) Details of shareholders holding more than 5% shares in the Company
As at March 31, 2013 As at March 31, 2012
No. of shares % holding No. of shares % holding
Equity shares of ` 2 each fully paid up
Panchsheel Investment Company 312,110,500 18.37 306,759,200 18.06
Sidhant Housing and Development Company 237,209,700 13.96 235,340,000 13.86
Kohinoor Real Estates Company 95,353,400 5.61 91,869,600 5.41
Madhur Housing and Development Company 93,819,600 5.52 91,823,200 5.41
Yashika Properties and Development Company 92,080,400 5.42 90,978,800 5.36
Mallika Housing Company LLP (formerly Mallika Housing Company) 90,992,000 5.36 90,992,000 5.36
Prem Traders Private Limited
(formerly Prem Traders and Investments Private Limited)
90,059,200 5.30 90,059,200 5.30
d) Aggregate number of shares issued for consideration other than cash and shares bought back
during the period of ve years immediately preceding the date March 31, 2013
i) Shares bought back during the nancial year 2008-09 to 2012-13
7,638,567 (during FY 2007-08 to 2011-12: 7,638,567) equity shares of ` 2 each bought back
pursuant to Section 77A of the Companies Act, 1956.
ii) Shares issued under Employee Stock Option Plan (ESOP) during the nancial year
2008-09 to 2012-13
The Company has issued total 1,568,644 equity shares of ` 2 each (during FY 2007-08 to 2011-
12: 1,235,286 equity shares) during the period of ve years immediately preceding March 31,
2013 on exercise of options granted under the Employee Stock Option Plan (ESOP).
71
e) Shares reserved for issue under options
For details of shares reserved for issue under the Employee Stock Option Plan (ESOP) of the Company,
refer note 38.
(` in lac)
2013 2012
3. RESERVES AND SURPLUS
Capital reserve 250.08 250.08
Capital redemption reserve 177.12 177.12
Securities premium account
As per last balance sheet 882,336.02 878,428.15
Add: Additions on ESOP exercised 1,384.68 3,907.87
883,720.70 882,336.02
Forfeiture of shares 66.55 66.55
Debenture redemption reserve
As per last balance sheet 163,918.11 110,918.11
Add: Amount transferred from statement of prot and loss - 53,000.00
163,918.11 163,918.11
Employee’s stock options outstanding *
Gross employee stock compensation for options granted 20,092.36 21,836.28
Less : Deferred employee stock compensation (3,190.50) (6,799.26)
16,901.86 15,037.02
General reserve
As per last balance sheet 70,519.14 60,101.21
Add: Amount transferred from statement of prot and loss 5,015.65 10,417.93
75,534.79 70,519.14
Statement of prot and loss
As per last balance sheet 283,383.95 282,101.31
Add : Prot for the year 50,156.49 104,179.30
Less : Appropriations
Transfer to debenture redemption reserve - (53,000.00)
Transfer to general reserve (5,015.65) (10,417.93)
Proposed equity dividend (35,594.75) (33,967.71)
Short provision of dividend for previous year (3.56) (0.61)
{Dividend per share ` 2 (previous year ` 2)}
Tax on proposed equity dividend (6,049.33) (5,510.41)
Short provision of dividend tax for previous year (0.58) -
Net surplus in statement of prot and loss 286,876.57 283,383.95
1,427,445.78 1,415,687.99
* For details on Employee Stock Option Scheme, 2006 refer note 38
72
Notes to the Standalone Financial Statements (Contd.)
(` in lac)
4. LONG-TERM BORROWINGS
Non-current Current
2013 2012 2013 2012
Secured Loans
Non convertible debentures - 142,000.00 142,000.00 100,000.00
Term loans
Foreign currency loan
-From banks 143,400.00 143,400.00 - -
Rupee loan
- From banks 458,722.21 507,063.38 233,210.55 229,063.96
- From others 225,062.19 160,221.45 83,539.96 68,906.82
Buyers’ credit in foreign currency from banks - 4,573.64 4,862.66 -
Vehicle loan from banks 16.93 48.30 31.37 28.33
827,201.33 957,306.77 463,644.54 397,999.11
Amount disclosed under other current liabilities as ‘Current
maturities of long-term borrowings’ (refer note 10) - - 463,644.54 397,999.11
827,201.33 957,306.77 - -
1 Repayment terms and security for the outstanding long term borrowings (including current
maturities ) as on March 31, 2013
Listed, Secured, Redeemable, Non Convertible Debentures of ` 1,000,000 each referred above
to the extent of
(i) ` 72,000 lac are secured by way of pari passu charge on the immovable properties situated at
Gurgaon, owned by subsidiary companies. Coupon rate of these debentures is 14.00% and date
of redemption is February 24, 2014.
(ii) ` 50,000 lac are secured by way of pari passu charge on the immovable property situated at
Gurgaon, owned by a subsidiary company. Coupon rate of these debentures is 13.70% and date
of redemption is August 18, 2013.
(iii) ` 20,000 lac are secured by way of pari passu charge on the immovable property situated at
Gurgaon, owned by the Company/ subsidiary company and corporate guarantee of subsidiary
company owing the aforesaid immovable property. Coupon rate of these debentures is 10.24%
and date of redemption is May 18, 2013.
2 a) Repayment terms (excluding current maturities) and security for the outstanding long-term
borrowings as on March 31, 2013
From banks :
Secured foreign currency borrowings
Facility of ` 143,400 lac, balance amount is repayable in bullet installment falling due in J uly,
2014. The loan is secured by way of :-
(i) Equitable mortgage of immovable properties situated at New Delhi, owned by subsidiary
company.
(ii) Pledge over the shareholding of subsidiary company owning the aforesaid immovable
property.
(iii) Corporate guarantee provided by the subsidiary company owning the aforesaid immovable
property.
Secured INR borrowings
(a) Facility of ` 50,000 lac, balance amount is repayable in 3 monthly installments starting from
November, 2014. The loan is secured by way of :
Equitable mortgage of immovable properties situated at New Delhi, Gurgaon, Kochi and Ludhiana,
owned by the Company/ subsidiary/ group companies.
73
(b) Facility of ` 50,000 lac, balance amount is repayable in 5 equal monthly installments starting from
April, 2014. The loan is secured by way of :
Equitable mortgage of immovable property situated at New Delhi, owned by the Company.
(c) Facility of ` 27,517.75 lac, balance amount is repayable in 96 equated monthly installments starting
from April, 2014. The loan is secured by way of :
(i) Equitable mortgage of immovable property situated at New Delhi, owned by the Company.
(ii) Charge on receivables pertaining to the aforesaid immovable properties owned by the
Company.
(iii) Exclusive charge on immovable property situated at Gurgaon, owned by the subsidiary
company.
(iv) Corporate guarantee provided by the subsidiary company owning the aforesaid immovable
property.
(d) Facility of ` 12,330.80 lac, balance amount is repayable in 37 equal monthly installments starting
from April, 2014. The loan is secured by way of :
(i) Equitable mortgage of immovable property situated at Gurgaon, owned by the Company/
subsidiary company.
(ii) Charge on receivables pertaining to the aforesaid immovable properties owned by the
Company.
(iii) Corporate guarantee provided by the subsidiary company owning the aforesaid immovable
property.
(e) Facility of ` 26,388.89 lac, balance amount is repayable in 38 equal monthly installments starting
from April, 2014. The loan is secured by way of :
(i) Equitable mortgage of immovable property situated at Gurgaon, owned by the subsidiary
company.
(ii) Charge on receivables pertaining to the aforesaid immovable properties owned by the subsidiary
company.
(iii) Corporate guarantee provided by the subsidiary company owning the aforesaid immovable
property.
(f) Facility of ` 11,250 lac, balance amount is repayable in 27 equal monthly installments starting from
April, 2014. The loan is secured by way of :
(i) Equitable mortgage of immovable property situated at Gurgaon, owned by the subsidiary
company.
(ii) Charge on receivables pertaining to the aforesaid immovable properties owned by the subsidiary
company.
(iii) Corporate guarantee provided by the subsidiary company owning the aforesaid immovable
property.
(g) Facility of ` 10,500 lac, balance amount is repayable in 3 monthly installments starting from April,
2014. The loan is secured by way of :
(i) Equitable mortgage of immovable properties situated at New Delhi, owned by subsidiary
companies.
(ii) Charge on receivables pertaining to the aforesaid immovable properties owned by subsidiary
company.
(iii) Corporate guarantees provided by subsidiary companies owning the aforesaid immovable
properties.
74
Notes to the Standalone Financial Statements (Contd.)
(h) Facility of ` 88,383.03 lac, balance amount is repayable in 84 installments starting from April,
2014. The loan is secured by way of :
(i) Equitable mortgage of immovable properties situated at Gurgaon and New Delhi, owned by
subsidiary companies.
(ii) Charge on receivables pertaining to the aforesaid immovable properties owned by a subsidiary
company.
(iii) Corporate guarantees provided by subsidiary companies owning the aforesaid immovable
properties.
(i) Facility of ` 16,666.67 lac, balance amount is repayable in 6 equal monthly installments starting
from April, 2014. The loan is secured by way of :
(i) Equitable mortgage of immovable properties situated at New Delhi, owned by subsidiary
companies.
(ii) Charge on receivables pertaining to the aforesaid immovable properties owned by subsidiary
companies.
(iii) Corporate guarantees provided by the subsidiary companies owning the aforesaid immovable
properties.
(j) Facility of ` 30,175.07 lac, balance amount is repayable in 36 monthly installments starting from
April, 2014. The loan is secured by way of:
(i) Equitable mortgage of immovable properties situated at Gurgaon, owned by subsidiary
company.
(ii) Charge on receivables pertaining to the aforesaid immovable property owned by subsidiary
company.
(k) Facility of ` 8,000 lac, balance amount is repayable in 2 equal annual installments starting from
April, 2014.
(l) Facility of ` 5,999.99 lac, balance amount is repayable in 2 equal annual installments starting
from April, 2014.
The aforesaid term loans are secured by way of
(i) Equitable mortgage of immovable properties situated at Gurgaon, owned by a subsidiary
company.
(ii) Negative lien over immovable properties and assignment of lease rentals in respect of certain
immovable properties situated at New Delhi and Gurgaon owned by the Company.
(iii) Corporate guarantees provided by the subsidiary company owning the aforesaid immovable
properties.
(m) Facility of ` 1,799.24 lac, balance amount is repayable in 2 equal annual installments starting
from April, 2014.
Facility of ` 2,199 lac, balance amount is repayable in 2 equal annual installments starting from
April, 2014.
The aforesaid term loans are secured by way of
(i) Equitable mortgage of immovable properties situated at Gurgaon, owned by a subsidiary
company.
(ii) Negative lien over immovable properties and assignment of lease rentals in respect of certain
immovable properties situated at New Delhi and Gurgaon owned by the Company.
75
(o) Facility of ` 4,644.89 lac, balance amount is repayable in 19 monthly installments starting from
April, 2014.
(p) Facility of ` 4,042.55 lac, balance amount is repayable in 19 monthly installments starting from
April, 2014.
(q) Facility of ` 4,042.55 lac, balance amount is repayable in 19 monthly installments starting from
April, 2014.
The aforesaid term loans are secured by way of
Equitable mortgage on land underneath windmills and exclusive charge on movable assets and
receivables of windmills situated at Gujarat.
(r) Facility of ` 15,000 lac, balance amount is repayable in 6 equal quarterly installments starting
from April, 2014. The loan is secured by way of :
(i) Equitable mortgage of immovable properties situated at New Delhi, owned by subsidiary
companies.
(ii) Corporate guarantees provided by the subsidiary companies owning the aforesaid immovable
properties.
(s) Facility of ` 89,781.77 lac, balance amount is repayable in 45 monthly installments starting from
April, 2014. The loan is secured by way of :
(i) Equitable mortgage of immovable properties situated at Gurgaon, owned by subsidiary
company.
(ii) Charge on receivables pertaining to the aforesaid immovable property owned by subsidiary
company.
From others
Secured INR borrowings
(a) Facility of ` 55,000 lac, balance amount is repayable in 4 equal quarterly installments starting
from April, 2014. The loan is secured by way of :
Equitable mortgage of immovable properties situated at Gurgaon, Hyderabad and Chennai,
owned by subsidiary companies.
(b) Facility of ` 11,875 lac, balance amount is repayable in 19 equal monthly installments starting
from April, 2014. The loan is secured by way of :
Equitable mortgage of immovable properties situated at Gurgaon owned by a subsidiary
company.
(c) Facility of ` 43,540 lac, balance amount is repayable in 38 equal monthly installments starting
from April, 2014. The loan is secured by way of :
Equitable mortgage of immovable properties situated at Gurgaon owned by a subsidiary
company.
(d) Facility of ` 37,733.77 lac, balance amount is repayable in 88 monthly installments starting from
April, 2014. The loan is secured by way of :
(i) Equitable mortgage of immovable properties situated at Gurgaon, owned by subsidiary
company.
(ii) Charge on receivables pertaining to the aforesaid immovable property owned by subsidiary
company.
76
Notes to the Standalone Financial Statements (Contd.)
(e) Facility of ` 6,000 lac, balance amount is repayable in 2 equal annual installments starting from
April, 2014. The loan is secured by way of :
(i) Equitable mortgage of immovable properties situated at Gurgaon, owned by a subsidiary
company.
(ii) Negative lien over immovable properties and assignment of lease rentals in respect of certain
immovable properties situated at New Delhi and Gurgaon owned by the Company.
(f) Facility of ` 2,142.86 lac, balance amount is repayable in 15 equal monthly installments starting
from April, 2014. The loan is secured by way of :
First and exclusive charge by way of hypothecation on assets viz Helicopter and Aircraft owned
by the Company.
(g) Facility of ` 999.18 lac, balance amount is repayable in 14 equal monthly installments starting
from April, 2014. The loan is secured by way of :
First and exclusive charge by way of hypothecation on assets viz Helicopter owned by the
Company.
(h) Facility of ` 19,254.65 lac, balance amount is repayable in 110 monthly installments starting from
April, 2014.
(i) Facility of ` 5,809.83 lac, balance amount is repayable in 117 monthly installments starting from
April, 2014.
(j) Facility of ` 4,454.20 lac, balance amount is repayable in 117 monthly installments starting from
April, 2014.
(k) Facility of ` 3,098.58 lac, balance amount is repayable in 117 monthly installments starting from
April, 2014.
(l) Facility of ` 1,161.97 lac, balance amount is repayable in 117 monthly installments starting from
April, 2014.
The aforesaid term loans are secured by way of
(i) Equitable mortgage of immovable properties situated at New Delhi and Gurgaon, owned by
subsidiary/group companies.
(ii) Negative lien on rights under the concession agreements pertaining to certain immovable
properties situated at New Delhi.
(iii) Charge on receivables pertaining to the aforesaid immovable properties owned by the
Company/ subsidiary companies/ group companies.
(iv) Corporate guarantees provided by the subsidiary/ group companies owning the aforesaid
immovable properties.
(m) Facility of ` 27,500 lac, balance amount is repayable in 36 monthly installments starting from
September, 2014. The loan is secured by way of :
(i) Equitable mortgage of immovable properties situated at Noida, owned by the Company.
(ii) Charge on receivables and other current assets of the aforesaid immovable property owned
by the Company.
Facility of ` 6,492.15 lac, balance amount is repayable in 36 monthly installments starting from
April, 2014. The loan is secured by way of :
(i) Equitable mortgage of immovable properties situated at Gurgaon, owned by subsidiary
company.
77
(ii) Charge on receivables pertaining to the aforesaid immovable property owned by subsidiary
company.
Vehicle Loans are repayable in 60 equal monthly installments over the tenure of the loans and the nal
installments are due for payment in September, 2014. The loans are secured by way of hypothecation
on assets, thus purchased.
2 b) Rate of interest - The Company’s borrowings from banks and others have a effective weighted
average rate of 12.40% p.a. (previous year 12.38% p.a.) calculated using the interest rates effective
as on March 31, 2013 for the respective borrowings.
(` in lac)
2013 2012
5 . DEFERRED TAX LIABILITIES (NET)
Deferred tax liability arising on account of :
Depreciation 10,618.32 8,571.85
Deduction claimed under Section 24(b) of the Income Tax Act, 1961. 1,728.05 1,417.53
12,346.37 9,989.38
Less :
Deferred tax asset arising on account of :
Provision for :
Diminution in the value of investments 18.28 17.45
Doubtful debtors and advances 1,875.06 1,479.90
Employee benets 706.20 631.21
2,599.54 2,128.56
9,746.83 7,860.82
(` in lac)
2013 2012
6 . OTHER LONG-TERM LIABILITIES
Trade payables 93,899.78 120,252.30
Security deposits 10,381.31 7,710.82
104,281.09 127,963.12
(` in lac)
7 . PROVISIONS
Long-term Short-term
2013 2012 2013 2012
Provision for employee benets * 1,142.75 946.57 1,674.23 1,316.86
Provision for dividend - - 35,594.75 33,967.71
Provision for tax on dividend - - 6,049.33 5,510.41
Provision for taxation (net of advance tax) - - - 15,636.04
1,142.75 946.57 43,318.31 56,431.02
* For details on employee benets and Employee Shadow Option Scheme, refer note 33 and 39 respectively.
78
Notes to the Standalone Financial Statements (Contd.)
(` in lac)
2013 2012
8. SHORT-TERM BORROWINGS
Secured
Overdraft facility :
- From banks 12,673.08 18,402.71
Short term loans :
- From banks 237,706.33 207,800.00
Buyers’ credit in foreign currency from banks 1,017.66 957.18
Unsecured
Buyers’ credit in foreign currency from banks 1,802.39 1,695.26
Loans and advances from related parties 29,702.39 11,350.00
282,901.85 240,205.15
Security for the short-term borrowings :
(i) Equitable mortgage of immovable properties situated at New Delhi, Noida and Gurgaon, owned
by the Company/subsidiary companies/partnership rm.
(ii) Charge on receivables pertaining to the aforesaid immovable properties owned by the Company/
subsidiary companies/partnership rm.
(iii) Corporate guarantees provided by the subsidiary companies owning the aforesaid immovable
properties.
(iv) Corporate guarantee provided by the company and its subsidiary companies, in capacity as
partner in the partnership rm owning the immovable property.
(` in lac)
2013 2012
9. TRADE PAYABLES
Due to subsidiary companies 6,222.99 9,312.72
Due to others (refer note 54 for details due to micro and small enterprises) 81,712.06 75,342.06
87,935.05 84,654.78
(` in lac)
2013 2012
10. OTHER CURRENT LIABILITIES
Current maturities of long-term borrowings (refer note 4) 463,644.54 397,999.11
Interest accrued but not due on borrowings 12,559.42 12,437.05
Uncashed dividends* 286.40 243.48
Realisation under agreement to sell
Subsidiary companies 103,994.53 77,167.00
Others 275,603.85 177,682.11
Registration charges 14,606.22 12,040.98
Security deposits 759.57 1,180.42
Other liabilities 6,248.10 3,026.46
877,702.63 681,776.61
*Not due for credit to ‘Investor Education and Protection Fund’
79
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(` in lac)
12. NON-CURRENT INVESTMENTSS
2013 2012
No. of shares Book value No. of shares Book value
In equity shares
Trade investment (unquoted) at cost *
In subsidiaires
DLF Info Park (Pune) Limited (formerly Ackruti City Magnum Limited) 50,000 893.91 33,500.00 3.35
DLF Promenade Limited (formerly Beverly Park Maintenance
Services Limited)
9,000 0.91 9,000 0.91
Breeze Constructions Private Limited 50,000,000 5,000.00 50,000,000 5,000.00
Cyrilla Builders & Constructions Limited 50,000 5.00 50,000 5.00
Dalmia Promoters and Developers Private Limited 100,000 10.00 100,000 10.00
Dankuni World City Limited # - - 50,000 5.00
Delanco Real Estate Private Limited ## - - 5,000,000 1,500.00
DLF City Centre Limited 100,000 10.00 100,000 10.00
DLF Commercial Developers Limited 201,500 20.20 201,500 20.20
DLF Cyber City Developers Limited 75,025,000 2.50 75,025,000 2.50
DLF Developers Limited # - - 50,000 5.00
DLF Estate Developers Limited 5,102 0.51 5,102 0.51
DLF Financial Services Limited ## - - 240,000 24.00
DLF Finvest Limited 3,000,000 300.00 3,000,000 300.00
DLF Golf Resorts Limited 400,000 40.00 400,000 40.00
DLF Haryana SEZ (Ambala) Limited ## - - 45,000 4.50
DLF Haryana SEZ (Gurgaon) Limited ## - - 45,000 4.50
DLF Home Developers Limited 41,213,702 3,496.26 41,206,409 3,383.88
DLF Hotel Holdings Limited 1,324,930,000 132,493.00 1,324,930,000 132,493.00
DLF India Limited ## - - 90,050,000 9,005.00
DLF Info Park Developers (Chennai) Limited 320,000,000 32,000.00 320,000,000 32,000.00
DLF New Delhi Convention Centre Limited ## - - 70,000 7.00
DLF Phase-IV Commercial Developers Limited 400,000 40.06 400,000 40.06
DLF Pramerica Life Insurance Company Limited 236,817,838 23,681.78 225,829,084 22,582.91
DLF Construction Limited 50,000 5.00 50,000 5.00
DLF Property Developers Limited 100,000 10.00 100,000 10.00
DLF Real Estate Builders Limited 100,001 10.65 100,001 10.65
DLF Residential Builders Limited 100,000 10.00 100,000 10.00
DLF Residential Developers Limited 100,000 10.00 100,000 10.00
DLF Residential Partners Limited 100,000 10.00 100,000 10.00
DLF Universal Limited 52,076,270 12,864.09 44,000,000 2,319.09
DLF Telecom Limited 11,150,000 1,115.00 11,150,000 1,115.00
DLF Wind Power Private Limited # - - 990,000 99.00
DLF Utilities Limited 9,052,141 508.01 9,052,141 508.01
Eastern India Powertech Limited 69,320,037 6,932.00 69,320,037 6,932.00
Edward Keventer (Successors) Private Limited 961,500 43,892.06 961,500 43,892.06
82
Notes to the Standalone Financial Statements (Contd.) Notes to the Standalone Financial Statements (Contd.)
12. NON-CURRENT INVESTMENTS (CONTD.)
2013 2012
No. of shares Book value No. of shares Book value
J ai Luxmi Real Estate Private Limited # - - 22,500 2.25
Lawanda Builders and Developers Private Limited # - - 10,000 1.00
NewGen Medworld Hospitals Limited 50,000 5.00 50,000 5.00
Paliwal Developers Limited 10,000 1.00 10,000 1.00
Paliwal Real Estate Limited 1,010,000 101.00 1,010,000 101.00
Valini Builders & Developers Private Limited 10,000 1.00 10,000 1.00
263,468.94 261,479.38
In joint ventures
DLF Limitless Developers Private Limited 201,255,000 20,125.50 201,255,000 20,125.50
Saket Courtyard Hospitalty Private Limited 5,600,000 560.00 5,600,000 560.00
20,685.50 20,685.50
In associates
J oyous Housing Limited (` 100 each) 37,500 37.50 37,500 37.50
In other companies
Alankrit Estates Limited 3 - ** 3 - **
Anuroop Builders and Developers Private Limited - - 10,000 1.00
DLF Brands Limited 8,000,000 800.00 8,000,000 800.00
Garv Developers Private Limited - - 10,000 1.00
Garv Promoters Private Limited - - 10,000 1.00
Garv Realtors Private Limited - - 10,000 1.00
Grism Builders & Developers Private Limited - - 10,000 1.00
Kirtimaan Builders Limited 2 - ** 2 - **
Luvkush Builders Private Limited - - 10,000 1.00
Nadish Real Estate Private Limited - - 10,000 1.00
Northern India Theatres Private Limited 90 0.09 90 0.09
Peace Buildcon Private Limited - - 10,000 1.00
Realest Builders and Services Private Limited 50,012 5.03 50,012 5.03
Skyrise Home Developers Private Limited - - 10,000 1.00
Ujagar Estates Limited 2 - ** 2 - **
Vinesh Home Developers Private Limited - - 10,000 1.00
Vismay Builders & Developers Private Limited - - 10,000 1.00
805.12 816.12
284,997.06 283,018.50
# merged with DLF Home Developers Limited w.e.f. December 28, 2012. For further details refer note 34.
## merged with DLF Universal Limited w.e.f. September 28, 2012. For further details refer note 34.
(` in lac)
83
(` in lac)
12. NON-CURRENT INVESTMENTS (CONTD.)
2013 2012
In Preference Shares No. of shares Book value No. of shares Book value
Trade investments (unquoted) at cost *
In subsidiaires
DLF Promenade Limited (formerly Beverly Park Maintenance
Services Limited)
4,100 4.10 4,100 4.10
Caraf Builders & Constructions Private Limited 375,000,000 375,000.00 375,000,000 375,000.00
Digital Talkies Private Limited 80,680 80.68 80,680 80.68
DLF Estate Developers Limited 4,500 4.50 4,500 4.50
DLF Home Developers Limited - - 2,265 2.27
DLF Real Estate Builders Limited 4,348 4.35 4,348 4.35
DLF Projects Limited 26,300,000 2,630.00 26,300,000 2,630.00
Paliwal Developers Limited 4,000 4.00 4,000 4.00
377,727.63 377,729.90
662,724.69 660,748.40
Less : Provision for diminution in value 80.68 80.68
662,644.01 660,667.72
In debentures
Trade investments (unquoted) at cost
No. of
debentures
Book value No. of
debentures
Book value
J awala Real Estate Private Limited (a subsidiary company) - - 387,450 38,745.00
- 38,745.00
In partnership rms
Trade investments (unquoted) at cost
DLF Commercial Projects Corporation 365.00 365.00
DLF Ofce Developers 1,350.02 1,328.46
DLF South Point 799.28 313.38
DLF GK Residency 950.00 950.00
Kavicon Partners 1.53 29.31
Rational Builders and Developers 32.00 32.00
DLF Gayatri Developers 10.00 10.00
DLF Green Valley 1,000.00 1,000.00
4,507.83 4,028.15
In mutual funds
Trade investments (unquoted) at cost Book value Book value
Faering Capital India Evolving Fund 1,961.00 -
1,961.00 -
669,112.84 703,440.87
* Equity shares of ` 10 each, Preference shares of ` 100 each - fully paid, unless otherwise stated.
** Rounded off to ` ‘Nil’
84
Notes to the Standalone Financial Statements (Contd.)
(` in lac)
12. NON-CURRENT INVESTMENTS (CONTD.)
2013 2012
No. of shares Book value No. of shares Book value
Aggregate amount and market value of investments
Aggregate amount unquoted investments at cost 669,112.84 703,440.87
Aggregate provision for diminution in value of investments 80.68 80.68
Detail of investments in partnership rm Prot sharing
ratio (%)
Amount of
investment
in capital
Prot sharing
ratio (%)
Amount of
investment
in capital
Investment in DLF Commercial Projects Corporation
DLF Limited 76.00 365.00 76.00 365.00
DLF Home Developers Limited 24.00 4.00 24.00 4.00
Total capital of the rm 100.00 369.00 100.00 369.00
Investment in DLF Ofce Developers
DLF Limited 85.00 1,350.02 85.00 1,328.46
Kirtimaan Builders Limited 5.00 251.56 5.00 217.96
Ujagar Estates Limited 5.00 278.56 5.00 244.96
Alankrit Estates Limited 5.00 197.92 5.00 164.32
Total capital of the rm 100.00 2,078.06 100.00 1,955.70
Investment in DLF South Point
DLF Limited 10.00 799.28 10.00 313.38
DLF Home Developers Limited 85.00 1,136.85 85.00 698.67
DLF Utilities Limited 5.00 73.85 5.00 51.90
Total capital of the rm 100.00 2,009.98 100.00 1,063.95
Investment in DLF GK Residency
DLF Limited 90.00 950.00 90.00 950.00
DLF Home Developers Limited 10.00 50.00 10.00 50.00
Total capital of the rm 100.00 1,000.00 100.00 1,000.00
Investment in Kavicon Partners
DLF Limited 90.00 1.53 90.00 29.31
DLF Home Developers Limited 5.00 4.43 5.00 54.58
Nilayam Builders and Developers Limited 5.00 71.97 5.00 77.13
Total capital of the rm 100.00 77.93 100.00 161.02
Investment in Rational Builders and Developers
DLF Limited 90.00 32.00 90.00 32.00
Kirtimaan Builders Limited 5.00 1.00 5.00 1.00
Alankrit Estates Limited 5.00 - 5.00 -
Total capital of the rm 100.00 33.00 100.00 33.00
85
12. NON-CURRENT INVESTMENTS (CONTD.)
2013 2012
No. of shares Book value No. of shares Book value
Investment in DLF Gayatri Developers
DLF Limited 46.00 10.00 46.00 10.00
Livana Builders and Developers Private Limited 2.00 2,505.11 2.00 2,505.11
Latona Builders and Constructons Private Limited 2.00 1,152.60 2.00 1,152.60
Chamundeswari Builders Private Limited 2.50 4,955.48 2.50 4,955.48
Gayatri Property Venture Private Limited 47.50 10.00 47.50 10.00
Total capital of the rm 100.00 8,633.19 100.00 8,633.19
Investment in DLF Green Valley
DLF Limited 50.00 1,000.00 50.00 1,000.00
Vatika Dwellers Limited 50.00 1,000.00 50.00 1,000.00
Total capital of the rm 100.00 2,000.00 100.00 2,000.00
(` in lac)
13. LOANS AND ADVANCES
Long-term Short-term
(Unsecured, considered good unless otherwise stated) 2013 2012 2013 2012
Capital advances 8,208.37 7,806.40 - -
Security deposits 1,387.50 1,099.88 - -
Loans and advances to related parties (refer note 34)
Due from subsidiary companies
Secured 40,281.25 40,281.25 - -
Unsecured 108,588.67 385,310.81 470,337.96 396,450.36
Due from rms in which the Company and/or its subsidiary
companies are partners - current accounts
(including ` 2,206.70 lac (previous year- nil ) doubtful) 2,206.70 - 80,135.81 95,921.26
Due from KMP entity- DLF Brands Limited 3,295.82 2,827.78 - -
Advances to J oint ventures and associates 22,561.08 19,223.21 17,691.67 -
Advances recoverable in cash or in kind or for value to be
received
Secured - - 225.40 256.31
Unsecured (including ` 3,099.19 lac
(previous year ` 4,375.03 lac) doubtful) 22,391.42 13,346.09 24,565.49 36,925.53
Employee advances 4,650.00 4,050.00 314.71 163.99
Income tax paid (net of provisions) 55,032.08 45,821.75 - -
268,602.89 519,767.17 593,271.04 529,717.45
Less : Provision for doubtful advances 5,305.89 4,375.03 - -
263,297.00 515,392.14 593,271.04 529,717.45
(` in lac)
86
Notes to the Standalone Financial Statements (Contd.)
(`in lac)
2013 2012
14. OTHER NON-CURRENT ASSETS
Long term trade receivables (including trade receivables on deferred credit terms)
Unsecured, considered good
Subsidiary companies 9,744.75 8,588.48
9,744.75 8,588.48
Other non-current assets
Bank Deposit with maturity of more than 12 months (refer note 18) - 1,784.09
- 1,784.09
9,744.75 10,372.57
(` in lac)
2013 2012
15. CURRENT INVESTMENTS
Investment in mutual funds (quoted)*
6,515,454 ( Previous year-nil ) units of Birla Sun Life Cash Plus 6,532.48 -
1,200,272 ( Previous year-nil ) units of Indiabulls Liquid Fund 12,009.76 -
18,542.24 -
Investment in mutual funds (unquoted) at cost
Faering Capital India Evolving Fund - 1,224.00
18,542.24 1,224.00
Aggregate amount of quoted investments 18,542.24 -
Aggregate amount of unquoted investments - 1,224.00
* stated at lower of cost and fair value determined on an individual investment basis
(` in lac)
2013 2012
16. INVENTORIES
Land, plots and construction work-in-progress * 418,241.55 360,354.39
Development/construction materials 144.97 438.17
418,386.52 360,792.56
Development rights: payments made under agreement to purchase land /
development rights/ constructed properties
To subsidiary companies 6,447.86 6,633.35
To rms in which the Company and/or its subsidiary companies are/is a partner 449,627.80 430,155.74
To others 232.27 235.19
456,307.93 437,024.28
Rented buildings (including land and related equipments) **
Lease hold 2,830.52 3,054.27
Free hold 12,015.35 12,345.09
14,845.87 15,399.36
Less: depreciation on rented buildings and related equipments 1,980.11 2,108.72
12,865.76 13,290.64
887,560.21 811,107.48
* For expenses directly charged to work-in-progress refer note 32
** for assets given on lease disclosure refer note 36.
87
(` in lac)
2013 2012
17. TRADE RECEIVABLES
(Unsecured, considered good unless otherwise stated)
Trade receivables outstanding for more than six months
Subsidiary companies 101.94 10,766.02
Others
Considered good 11,411.84 14,192.84
Considered doubtful 210.62 186.22
11,724.40 25,145.08
Less : Provision for doubtful debts 210.62 186.22
11,513.78 24,958.86
Trade receivables (others)
Subsidiary companies 17,571.61 7,312.57
Others 11,162.53 19,470.42
28,734.14 26,782.99
40,247.92 51,741.85
(` in lac)
2013 2012
18. CASH AND BANK BALANCES
Cash and cash equivalents
Cash in hand 8.46 3.94
Balances with banks
In Current accounts with scheduled banks 28,620.54 34,863.70
With HSBC Bank plc, London, a non - scheduled bank 24.63 11.14
(Maximum amount outstanding during the year ` 67.27 lac, previous year ` 68.03 lac)
Bank deposits with maturity less than 3 months 2,831.53 658.46
31,485.16 35,537.24
Non-current Current
Other bank balances 2013 2012 2013 2012
Earmarked bank balances
Unpaid dividend bank account - - 286.40 243.48
Fixed deposits maturity for more than 3 months but less
than 12 months
Pledged/under lien/earmarked - - 3,399.48 32.54
Others - - 3,767.96 844.23
Bank deposit with maturity of more than 12 months - 1,784.09 - -
- 1,784.09 7,453.84 1,120.25
Amount disclosed under non-current asset (refer note 14) 1,784.09 - -
- - 38,939.00 36,657.49
88
Notes to the Standalone Financial Statements (Contd.)
(` in lac)
2013 2012
19. OTHER CURRENT ASSETS
Unbilled receivables
Subsidiary company 110,451.68 90,568.51
Others 604,497.96 433,815.65
714,949.64 524,384.16
Interest accrued
On investments in debentures - 2,789.64
From customers 2,891.83 3,126.54
From others 131.38 220.70
3,023.21 6,136.88
717,972.85 530,521.04
2013 2012
20. SALES AND OTHER INCOME
Revenue from operations
Operating revenue
Revenue from land, plots and constructed properties 136,537.33 213,425.96
Revenue from development charges 19,899.96 -
Revenue from development rights (net) 27,408.82 108,199.68
Revenue from windmills power generation 10,514.91 10,756.79
Rental income 14,837.49 12,316.69
209,198.51 344,699.12
Other operating revenue
Royalty income 2.24 1,087.36
Service receipts 5,716.49 2,951.83
Amount forfeited on properties 86.49 393.80
5,805.22 4,432.99
215,003.73 349,132.11
Other income
Income from non-current investments
Prot on sale of shares 8.86 28,955.46
Prot on sale of debentures 11,829.14 -
Interest on debentures 1,808.81 3,099.60
Dividend from subsidiary companies 0.37 70.53
Prot/(loss) from partnership rms
DLF Commercial Project Corporation 86.30 (641.04)
DLF Ofce Developers 571.22 538.04
DLF South Point 43.90 76.55
Saket Courtyard Hospitalty - (21.89)
Kavicon Partners (2.78) 1.51
Rational Builders and Developers (1,853.05) (1.12)
DLF Green Valley (277.62) (246.90)
DLF Gayatri Developers 20.07 683.99
DLF GK Residency (2,569.92) 929.97
(3,981.88) 1,319.11
9,665.30 33,444.70
Income from current investments
Dividend from mutual funds 2,685.17 816.88
Prot on sale of mutual fund investments (net) 0.22 -
2,685.39 816.88
(` in lac)
89
2013 2012
20. SALES AND OTHER INCOME (CONTD.)
Interest from
Bank deposits 409.09 307.95
Customers 488.01 312.21
Loans and deposits 97,376.27 70,019.27
Income-tax refunds 1,062.64 1,524.89
99,336.01 72,164.32
Other income
Prot on disposal of xed assets 0.33 2.54
Unclaimed balances and excess provisions written back 643.98 1,009.87
Miscellaneous income 3,149.15 1,696.16
3,793.46 2,708.57
330,483.89 458,266.58
(` in lac)
2013 2012
21. COST OF LAND, PLOTS AND CONSTRUCTED PROPERTIES AND DEVELOPMENT RIGHTS
Cost of land, plots, development and construction 22,544.35 58,736.22
Cost of development charges 5,049.82 -
Cost of development rights 2,962.86 34,551.66
30,557.03 93,287.88
(` in lac)
2013 2012
22. EMPLOYEE BENEFIT EXPENSE
Salaries, wages and bonus 7,450.99 7,779.37
Contribution to provident and other funds 271.75 273.88
Employee benets* 680.31 649.96
Amortisation of deferred employees compensation 3,249.50 3,889.80
Staff welfare 202.41 118.57
11,854.96 12,711.58
* For employee benets details, refer note 33.
(` in lac)
2013 2012
23. FINANCE COSTS
Interest
Fixed period loans
Debentures 27,747.08 32,127.12
Term loan from banks 163,574.24 145,017.16
Other loans 6,154.56 4,321.76
Others - 150.00
Other borrowing costs
Guarantee, nance and bank charges 13,747.96 10,054.54
211,223.84 191,670.58
Less: Transferred to construction work-in-progress (33,889.11) (31,191.85)
Less: Transferred to capital work-in-progress (6,346.07) (5,100.83)
170,988.66 155,377.90
(` in lac)
90
Notes to the Standalone Financial Statements (Contd.)
2013 2012
24. DEPRECIATION AND AMORTISATION *
Depreciation on
Tangible assets 13,063.21 12,944.13
Current assets 287.00 294.54
Amortisation on
Intangible assets 838.50 744.94
14,188.71 13,983.61
* Net of capitalisation
(` in lac)
2013 2012
25. OTHER EXPENSES
Rent 912.41 888.90
Rates and taxes 1,056.68 745.81
Electricity, fuel and water 3,617.86 2,366.73
Repair and maintenance
Buildings 597.03 384.26
Constructed properties/ colonies 657.30 240.08
Computers 683.00 1,054.31
Others 396.70 281.81
Insurance 516.91 412.46
Commission and brokerage 1,261.63 1,952.90
Advertisement and publicity 8,047.49 7,323.64
Travelling and conveyance 902.11 618.76
Vehicles running and maintenance 469.50 341.69
Aircraft and helicopter running and maintenance 1,851.61 1,717.65
Operating and maintenance charge of windmill 1,742.91 1,545.65
Printing and stationery 249.99 214.53
Directors’ fee 16.51 16.80
Commission to non-executive directors 130.46 139.50
Sales promotion 1,227.07 971.15
Communication 229.49 243.47
Legal and professional 4,989.87 4,214.20
Donation and charity 680.13 3,827.73
Claim and compensation 151.84 154.84
Loss on disposal of xed assets 314.45 180.88
Assets written off/ discarded - 1.08
Amounts written off 88.79 2.04
Provision for doubtful debts and advances (net) 953.33 4.00
Loss on foreign currency transactions (net) 455.73 1,675.78
Miscellaneous expenses 1,440.58 613.87
33,641.38 32,134.52
(` in lac)
2013 2012
26. TAX EXPENSE
Income tax 15,700.00 44,500.00
Deferred tax 1,886.01 1,376.70
17,586.01 45,876.70
(` in lac)
91
(` in lac)
2013 2012
27. PRIOR PERIOD EXPENSES
Legal and professional 256.85 0.11
Rent - 9.45
Miscellaneous expenses 19.48 35.02
276.33 44.58
(` in lac)
2013 2012
28. EARNINGS PER SHARE
Net prot attributable to equity shareholders
Prot after tax but before prior period items 51,667.14 104,894.39
Earlier year items
Income tax (1,234.32) (670.51)
Prior period expenses (276.33) (44.58)
50,156.49 104,179.29
Nominal value of equity share (`) 2.00 2.00
Total number of equity shares outstanding at the beginning of the year 1,698,385,719 1,697,571,794
Total number of equity shares outstanding at the end of the year 1,698,719,077 1,698,385,719
Weighted average number of equity shares 1,698,550,497 1,697,938,563
Basic earnings per share (`) 2.95 6.14
Nominal value of equity share (`) 2.00 2.00
Weighted average number of equity shares used to compute diluted
earnings per share 1,702,688,309 1,701,546,079
Diluted earnings per share (`) 2.95 6.12
29. a) The prot/loss from sale of land /
developed plots/constructed properties in DLF
City, Gurgaon (Complex) is accounted as per
revenue recognition policy stated in Note 1 (g) –
“Signicant accounting policies”. The Complex
comprises lands owned by the Company as
also those under agreements to purchase
entered into with subsidiary/coordinating
companies. In terms of such agreements,
the Company has purchased 0.82 lac sq.
mts. of plotted area during the year (previous
year 0.003 lac sq. mts.) from the land owning
companies at the average cost of land to the
Company and/ or the land owning companies.
The average estimated internal development
costs and external development charges, in
respect of the plots sold have been written off
in terms of accounting policy stated in Note
1 (i) – “Signicant accounting policies”. Final
adjustment, if any, is made on completion of
the applicable scheme/ project.
b) The Company on November 3, 2006 has
entered into an agreement to sell in terms of
the resolution passed by the Board of Directors
in their meeting held on March 28, 2006, with
one of its wholly-owned subsidiary company
namely, DLF Home Developers Limited
(“DHDL”) to sell a parcel of land of saleable
area consisting 30 million sq. ft built up area
under construction / to be constructed. Further,
DHDL will complete all the nishing work before
selling the same to its customers. In terms of
the accounting policy stated in Note 1(g)(i) on
revenue recognition, revenue in respect of
projects under implementation under these
agreements to sell is being recognised based
on “percentage of completion” method.
30. The Company has entered into business
development agreements with DLF Commercial
Project Corporation and Rational Builders and
Developers (partnership rms). As per these
92
Notes to the Standalone Financial Statements (Contd.)
agreements, the Company has acquired sole
irrevocable development rights in identied
land which are acquired/or in the process of
acquisition by these partnership rms.
In terms of accounting policy stated in Note 1
(f), the amount paid to these partnership rms
pursuant to the above agreements, are classied
under inventory as development rights.
31. a) During the year, the Company re-assessed
its accounting policy in respect of accruals for
Timely Payment Rebate (‘TPR’) to customers,
and with effect from April 1, 2012 has decided to
recognize the entire liability for the same upon
fullment by the respective customers of their
complete obligations to receive the TPR as
set out in the agreement to sell, as against the
previous policy of recognizing these liabilities
upon the Company’s formal acknowledgment
of the TPR to the customer. Management is
of the opinion that this change has resulted
in a more representative presentation of the
nancial obligations of the Company with
respect to TPRs.
Had the Company continued to follow the
previous accounting policy with respect to
accrual for TPRs as enumerated above,
revenues and the net prot before tax for the
year ended March 31, 2013 would have been
higher by ` 3,153.41 lac and ` 3,146.73 lac
respectively.
b) Pursuant to issuance of revised
Guidance Note on “Accounting for Real Estate
Transactions (Revised 2012)”, by The Institute
of Chartered Accountants of India (“ICAI”), as
stated in Note 1(g), the Company revised its
Accounting Policy of revenue recognition for all
projects commencing on or after April 1, 2012
or project where the revenue is recognised for
the rst time on or after the above date.
During the year, the company launched two
projects namely “Skycourt” and “Ultima”
which came under the purview of the revised
guidance note. As at March 31, 2013, the
conditions for recognizing revenue for both
these projects were not met and accordingly
no revenue has been recognised from these
projects.
32. The following expenses have been directly
charged to work-in-progress, adjustable on sale.
(` in lac)
Particulars 2013 2012
Legal, professional and consultancy
charges
5,417.53 3,039.09
Repairs and maintenance of machinery 6.95 3.08
Insurance 185.43 93.27
Finance charges 33,889.11 31,191.85
Others 6,450.26 2,996.69
45,949.28 37,323.98
33. Employee benets
A) Gratuity (non funded)
Amount recognised in the statement of prot
and loss is as under:
(` in lac)
Description 2013 2012
Current service cost 70.52 67.74
Interest cost 78.02 79.38
Actuarial (gain) / loss recognised
during the year
(30.01) 85.39
118.53 232.51
Movement in the liability recognised in the
balance sheet is as under:
(` in lac)
Description 2013 2012
Present value of dened benet
obligation as at the start of the year
975.30 992.18
Current service cost 70.52 67.74
Interest cost 78.02 79.38
Actuarial (gain) / loss recognised
during the year
(30.01) 85.39
Liability transferred from other
companies on account of employee
transfer
3.16 8.96
Benets paid (12.69) (258.35)
Present value of dened benet
obligation as at the end of the year
1,084.30 975.30
Current portion of dened benet
obligation
540.74 513.97
Non Current portion of dened
benet obligation
543.56 461.33
For determination of the gratuity liability of the
Company, the following actuarial assumptions
were used:
Description 2013 2012
Discount rate 8.00% 8.00%
Rate of increase in compensation levels 7.50% 7.50%
93
B) Compensated absences (non funded)
Amount recognised in the statement of prot
and loss is as under:
(` in lac)
Description 2013 2012
Current service cost 108.71 111.33
Interest cost 77.61 72.68
Actuarial (gain) / loss recognised during
the year
(45.84) 37.39
140.48 221.40
Movement in the liability recognised in the
balance sheet is as under:
(` in lac)
Description 2013 2012
Present value of dened benet obligation
as at the start of the Year
970.17 908.44
Current service cost 108.71 111.33
Interest cost 77.61 72.68
Actuarial (gain) / loss recognised during the
year
(45.84) 37.39
Benets paid (99.72) (150.79)
Liability transferred to other companies on
account of employee transfer
(17.54) ( 8.88)
Present value of dened benet obligation
as at the end of the year
993.39 970.17
Current portion of dened benet
obligation
394.21 484.93
Non Current portion of dened benet
obligation
599.18 485.24
For determination of the liability in respect
of compensated absences, the Company has
used following actuarial assumptions:
Description 2013 2012
Discount rate 8.00% 8.00%
Rate of increase in compensation levels 7.50% 7.50%
C) Provident fund
Contribution made by the Company to the
provident fund trust setup by the Company
during the year is ` 194.67 lac (previous year
` 199.84 lac).
The Guidance on implementing AS-15,
Employee Benets (revised 2005) issued
by the Accounting Standards Board (ASB)
states that benets involving employer
established provident funds, which require
interest shortfalls to be recompensed are
to be considered as dened benet plans.
Pending the issuance of guidance note from
the Actuarial Society of India, the Company’s
actuary has expressed an inability to reliably
measure provident fund liabilities. Accordingly
the Company is unable to exhibit the related
information.
34. Related party disclosures
a) Relationship
(i) Subsidiary companies at any time during the year
1 Aadarshini Real Estate Developers Private Limited
2 Abhigyan Builders & Developers Private Limited
3 Abhiraj Real Estate Private Limited
4
Adelie Builders & Developers Private Limited
{till September 27, 2012}*
5 Adeline Builders & Developers Private Limited
6 Adone Hotels & Hospitality Limited {till J une 11, 2012}#
7 Aman Gocek Insat Taahhut Turizm Sanayi Ve Ticaret AS
8 Amancruises (2006) Company Limited
9 Amancruises Company Limited
10 Amankila Resorts Limited
11 Amanproducts Limited
12 Amanresorts B.V.
13 Amanresorts International Pte Limited
14 Amanresorts IPR B.V.
15 Amanresorts Limited
16 Amanresorts Limited
17 Amanresorts Mangement B.V.
18 Amanresorts Services Limited
19 Amanresorts Technical Services B.V.
20 Americus Real Estate Private Limited
21 Amishi Builders & Developers Private Limited
22 Anbest Holdings Limited
23 Andaman Development Company Limited
24 Andaman Holdings Limited
25 Andaman Resorts Co. Limited
26 Andaman Thai Holding Co. Limited
27 Andes Resort Limited SAC
28 Annabel Builders & Developers Private Limited
29 Aradal Company N.V.
30 Ariadne Builders & Developers Private Limited
31 ARL Marketing Inc.
32 ARL Marketing Limited
33 Armand Builders & Constructions Private Limited
34 ASL Management (Palau) Limited
35 Balaji Highways Holding Private Limited
36 Balina Pansea Company Limitd
37 Barbados Holdings Limited
38
Bedelia Builders & Construction Private Limited
{till December 27, 2012}**
39 Benedict Estates Developers Private Limited
40 Berenice Real Estate Private Limited
41 Bhamini Real Estate Developers Private Limited
42 Bhosphorous Investments Limited
43 Bhutan Hotels Limited
44 Bhutan Resorts Private Limited
45 Bodrum Development Limited
46 Breeze Constructions Private Limited
94
Notes to the Standalone Financial Statements (Contd.)
(i) Subsidiary companies at any time during the year (Contd.)
47 Cachet Real Estates Private Limited
48 Calvine Builders & Constructions Private Limited
49 Caraf Builders & Constructions Private Limited
50
Catriona Builders & Constructions Private Limited
{till September 27, 2012}*
51 Cee Pee Maintenance Services Limited
52 Ceylon Holdings B.V.
53 Chakradharee Estates Developers Private Limited
54 Chandrajyoti Estate Developers Private Limited
55 Columbo Resort Holdings N.V
56 Comfort Buildcon Limited
57 Current Finance Limited
58 Cyrilla Builders & Constructions Limited
59 Dae Real Estates Private Limited
60 Dalmia Promoters & Developers Private Limited
61 Dankuni World City Limited {till December 27, 2012}**
62 Delanco Home and Resorts Private Limited
63 Delanco Real Estate Private Limited {till September 27, 2012}*
64 Delanco Realtors Private Limited
65 Deltaland Buildcon Private Limited
66 Deltaland Real Estate Private Limited
67 DHDL Wind Power Private Limited {till December 27, 2012}**
68
Dhoomketu Builders & Developers Private Limited
{till J anuary 18, 2013}##
69 Digital Talkies Private Limited
70 Diwakar Estates Limited
71 DLF Aspinwal Hotels Private Limited
72 DLF Assets Private Limited
73 DLF City Centre Limited
74
DLF City Developers Private Limited
{formerly DLF Gurgaon Golink Private Limited}
75 DLF Cochin Hotels Private Limited
76 DLF Comfort Hotels Private Limited {till September 27, 2012) *
77 DLF Commercial Developers Limited
78 DLF Construction Limited
79 DLF Cyber City Developers Limited
80 DLF Developers Limited {till December 27, 2012}**
81
DLF Emporio Limited {formerly Regency Park Property
Management Services Limited }
82 DLF Emporio Restaurants Limited
83 DLF Energy Private Limited
84 DLF Estate Developers Limited
85 DLF Financial Services Limited {till September 27, 2012}*
86 DLF Finvest Limited
87 DLF Garden City Indore Private Limited
88 DLF Global Hospitality Limited
89 DLF Golf Resorts Limited
90 DLF Gurgaon Developers Limited {till December 27,2012}**
91 DLF Haryana SEZ (Ambala) Limited {till September 27, 2012}*
92 DLF Haryana SEZ (Gurgaon) Limited {till September 27, 2012}*
93 DLF Home Developers Limited
94 DLF Homes Services Private Limited
95 DLF Homes Ambala Private Limited {till September 27, 2012}*
96 DLF Homes Goa Private Limited
97 DLF Homes Kokapet Private Limited
98 DLF Homes Panchkula Private Limited
99 DLF Homes Pune Private Limited {till J anuary 18, 2013}##
100 DLF Homes Rajapura Private Limited
101 DLF Hospitality & Recreational Limited
102 DLF Hotel Holdings Limited
103 DLF Hotels & Apartments Private Limited
104 DLF India Limited {till September 27, 2012}*
105 DLF Info City Developers (Chandigarh) Limited
106 DLF Info City Developers (Chennai) Limited
107 DLF Info City Developers (Kolkata) Limited
108 DLF Info Park Developers (Chennai) Limited
109
DLF Info Park (Pune) Limited
{formerly Ackruti City Magnum Limited}
110 DLF Inns Limited
111 DLF International Holdings Pte. Limited
112 DLF International Hospitality Corp.
113 DLF Luxury Hotels Limited
114
DLF New Delhi Convention Center Limited
{till September 27, 2012}*
115 DLF New Gurgaon Homes Developers Private Limited
116 DLF New Gurgaon Ofces Developers Private Limited
117 DLF New Gurgaon Retail Developers Private Limited
118 DLF Phase IV Commercial Developers Limited
119 DLF Pramerica Life Insurance Company Limited
120 DLF Projects Limited
121
DLF Promenade Limited
{formerly Beverly Park Maintenance Services Limited}
122 DLF Property Developers Limited
123 DLF Raidurg Developers Private Limited
124 DLF Real Estate Builders Limited
125 DLF Recreational Foundation Limited
126 DLF Residential Builders Limited
127 DLF Residential Developers Limited
128 DLF Residential Partners Limited
129 DLF Service Apartments Limited
130 DLF Southern Homes Private Limited
131 DLF Southern Towns Private Limited
132 DLF Telecom Limited
133 DLF Trust Management Pte Limited
134 DLF Universal Limited
135 DLF Utilities Limited
136 DLF Wind Power Private Limited {till December 27, 2012}**
137 Domus Real Estates Private Limited
138 Domus Realtors Private Limited
139 Eastern India Powertech Limited
140 Edward Keventer (Successors) Private Limited
141
Eila Builders & Developers Private Limited
{till March 30, 2013}####
142 Elvira Builders & Constructions Private Limited
143 Faye Builders & Constructions Private Limited
144 First City Real Estate Private Limited
145 Flora Real Estate Private Limited
146 Fonton Limited
147 Forerun Group Limited
148 Galleria Property Management Services Private Limited
149
Ghaliya Builders & Developers Private Limited
{w.e.f. May 7, 2012}
95
(i) Subsidiary companies at any time during the year (Contd.)
150
Geocities Airport Infrastructures Private Limited
{till December 27, 2012}**
151 Goyo Services Limited
152 Guardian International Private Limited
153 Gulliver Enterprises Limited
154 Gyan Real Estate Developers Private Limited
155 Hampton Furniture Limited
156 Hansel Builders & Developers Private Limited
157 Heritage Resorts Private Limited
158
Hiemo Builders & Developers Private Limited
{till December 27, 2012}**
159 Highvalue Builders Limited
160 Hospitality Tradings Limited
161 Hotel Finance International Limited
162 Hotel Sales Services Limited
163 Hotel Sales Service Private Limited
164 Hyacintia Real Estate Developers Private Limited
165 Incan Valley Holdings Limited
166 Irving Builders & Developers Private Limited
167 Isabel Builders & Developers Private Limited
168 J ackson Hole Holdings Limited {till March 31, 2012}
169 J ai Luxmi Real Estate Private Limited {till December 27, 2012}**
170 J alisco Holdings Pte Limited
171 J awala Real Estate Private Limited {till October 31, 2012}###
172 Khem Buildcon Private Limited {till December 27, 2012}**
173 LP Hospitality Company Limited
174 Lada Estates Private Limited
175 Laman Real Estates Private Limited
176 Lao Holdings Limited
177 Latona Builders & Constructions Private Limited
178
Lawanda Builders & Developers Private Limited
{till December 27, 2012}**
179 Le Savoy Limited
180 Lear Builders & Developers Private Limited
181 Lempo Buildwell Private Limited
182 Liber Buildwell Private Limited
183 Livana Builders & Developers Private Limited
184 Lizebeth Builders & Developers Private Limited
185 Lodhi Property Company Limited
186 Marala Real Estate Private Limited {till J une 11, 2012}#
187 Mariposa Builders & Developers Private Limited
188 Marrakech Investments Limited
189
Melanctha Builders & Developers Pvt Ltd
{w.e.f. November 9, 2012}
190 Melosa Builders & Developers Private Limited
191 Mens Buildcon Private Limited
192 Mhaya Buildcon Private Limited
193 Monroe Builders & Developers Private Limited
194 Mulvey B.V
195 Mulvey Venice S.r.l.
196 Naman Consultants Limited
197 Nambi Buildwell Private Limited
198 Nellis Builders & Developers Private Limited
199 NewGen MedWorld Hospitals Limited
200 Nilayam Builders & Developers Limited {till September 27, 2012}*
201 NOH (Hotel) Private Limited
202 Norman Cay’s Holding Limited
203 Nusantara Island Resorts Limited
204 Otemachi Tower Resorts Co. Limited
205 P.T. Amanresorts Indonesia
206 P.T. Amanusa Resort Indonesia
207 P.T. Indrakila Villatama Development
208 P.T. Moyo Safari Abadi
209 P.T. Nusantara Island Resorts
210 P.T. Villa Ayu
211 Palawan Holdings Limited
212 Paliwal Developers Limited
213 Paliwal Real Estate Limited
214 Pee Tee Property Management Services Limited
215 Penthea Builders & Developers Private Limited {till March 25, 2013}
216 Philana Builders & Developers Private Limited
217 Phoena Builders & Developers Private Limited
218 Phraya Riverside (Bangkok) Company Limited
219 Princiere Resorts Limited
220 Prompt Real Estate Limited
221 Puri Limited
222 Pyrite Builders & Constructions Private Limited
223 Qabil Builders & Constructions Private Limited
224 Queensdale Management Limited
225 Rachelle Builders & Constructions Private Limited
226 Rati Infratech Private Limited {till December 27, 2012}**
227 Red Acres Development Limited
228 Regent Asset Finance Limited
229 Regent Land Limited
230 Regional Design & Research B.V
231 Regional Design & Research N.V
232 Richmond Park Property Management Services Limited
233 Riveria Commercial Developers Limited
234 Rochelle Builders & Constructions Private Limited
235 Royalton Builders & Developers Private Limited
236 Saguna Builders & Developers Private Limited
237 Saket Holiday Resorts Private Limited
238 Serendib Holdings B.V.
239 Shivajimarg Properties Limited {till December 27, 2012}**
240 Silver - Two (Bangkok) Company Limited
241 Silver Oaks Property Management Services Limited
242 Silverlink (Mauritius) Limited
243 Silverlink (Thailand) Company Limited
244 Silverlink Resorts Limited
245 Societe Nouvelle de L’Hotel Bora Bora
246 Springhills Infratech Private Limited {till December 27, 2012}**
247 Star Alubuild Private Limited
248 Sunlight Promoters Limited
249 Tahitian Resorts Limited
250 Tangalle Property (Private) Limited
251 Toscano Holdings Limited
252 Triumph Electronics Private Limited
253 Universal Hospitality Limited
254 Urvasi Infratech Private Limited
96
Notes to the Standalone Financial Statements (Contd.)
(i) Subsidiary companies at any time during the year (Contd.)
255 Valini Builders & Developers Private Limited
256 Vibodh Developers Private Limited
257 Vilina Estate Developers Private Limited
258 Villajena Development Company Limited
259 Vinanti Builders & Developers Private Limited
260
Vkarma Capital Investment Management Company Private
Limited
261 Vkarma Capital Trustee Company Private Limited
262 Webcity Builders & Developers Private Limited
263 Yucatan Holdings Pte Limited
264 Zeugma Limited
265 Zola Real Estate Private Limited
266 Zoria Infratech Private Limited {till December 27, 2012}**
(ii) Partnership rms
1 DLF Commercial Projects Corporation
2 DLF Gayatri Developers
3 DLF GK Residency
4 DLF Green Valley
5 DLF Ofce Developers
6 DLF South Point
7 Kavicon Partners
8 Rational Builders and Developers
(iii) Joint Ventures
1 Kujjal Builders Private Limited {till March 30, 2013}####
2 DLF Gayatri Home Developers Private Limited
3 DLF Green Valley
4 DLF Gayatri Developers
5 DLF SBPL Developers Private Limited
6 DLF Limitless Developers Private Limited
7 GSG DRDL Consortium
8 YG Realty Private Limited
9 Banjara Hills Hyderabad Complex
10 Saket Courtyard Hospitalty Private Limited
11
Cleva Builders and Developers Private Limited
{till December 27, 2012}***
12 Prowess Buildcon Private Limited {till December 27, 2012}***
(iv) Associates
1 Australian Resorts Limited
2 Designplus Architechture Private Limited {w.e.f. April 1, 2012)
3
Eila Builders & Developers Private Limited
{w.e.f. March 31, 2013}####
4 Galaxy Mercantiles Limited
5 Island Aviation Inc
6 J oyous Housing Limited
7 Kyoto Resorts YK
8 P.T J awa Express Amanda Indah
9 Pamalican Island Holdings Inc
10 Pamalican Resorts Inc
11 Pansea Tourism Company Limited
12 Regional D & R Limited
13 Revlys SA
14 Seven Seas Resorts and Leisure Inc
15 Surin Bay Co. Limited
16 Villajena
17 Rapid Metrorail Gurgaon Limited
* Pursuant to the orders of the Hon’ble High Court of Delhi and Hon’ble
High Court of Punjab and Haryana at Chandigarh by virtue of scheme
of arrangement, these entitites have merged with DLF Universal
Limited w.e.f. September 28, 2012. Accordingly, the transactions with
the said entities during the year ended March 31, 2013 and balance
outstanding thereto on that date have been disclosed as transactions
with and balances outstanding to, (as the case may be), DLF Universal
Limited during the year ended and as of March 31, 2013.
** Pursuant to the order of the Hon’ble High Court of Delhi by virtue
of scheme of arrangement, these entitites have merged with DLF
Home Developers Limited w.e.f. December 28, 2012. Accordingly,
the transactions with the said entities during the year ended March
31, 2013 and balance outstanding thereto on that date have been
disclosed as transactions with and balances outstanding to, (as the
case may be), DLF Home Developers Limited during the year ended
and as of March 31, 2013.
*** Pursuant to the orders of the Hon’ble High Court of Delhi and Hon’ble
High Court of Punjab and Haryana at Chandigarh by virtue of scheme
of arrangement, these entitites have merged with Saket Courtyard
Hospitalty Private Limited w.e.f. December 28, 2012. Accordingly, the
transactions with the said entities during the year ended March 31, 2013
and balance outstanding thereto on that date have been disclosed as
transactions with and balances outstanding to (as the case may be),
Saket Courtyard Hospitalty Private Limited during the year ended and
as of March 31, 2013.
# DLF Hotel Holdings Limited, a wholly-owned subsidiary of DLF Limited
has divested its entire stake in Adone Hotels & Hospitality Limited.
Consequent to divestment, Adone Hotels & Hospitality Limited and
its subsidiary Marala Real Estate Private Limited have ceased to be
subsidiaries of the Company w.e.f. J une 12, 2012.
## DLF Home Developers Limited, a wholly-owned subsidiary of DLF
Limited has divested its entire stake in DLF Homes Pune Private
Limited. Consequent to divestment, DLF Homes Pune Private Limited
and its subsidiary Dhoomketu Builders & Developers Private Limited has
ceased to be a subsidiary of the Company w.e.f. J anuary 19, 2013.
### The Company along with its two wholly-owned subsidiaries, divested its
entire stake in J awala Real Estate Pvt. Ltd. (J awala) (a wholly-owned
subsidiary company). Consequent to divestment, J awala has ceased to
be a subsidiary of the Company w.e.f. November 01, 2012.
####DLF Hotel Holdings Limited, one of the wholly owned subsidiary of DLF
Limited, divested 55% stake of its wholly owned subsidiary Eila Builders
& Developers Private Limited. Consequent to divestment, Eila Builders
& Developers Private Limited have ceased to be subsidiaries of the
Company with effect from March 31, 2013
(v) Key Management Personnelonnel
Name Designation Relatives (Relation)*
a) Dr. K.P. Singh Chairman Ms. Renuka Talwar
(Daughter)
b) Mr. Rajiv Singh Vice Chairman Ms. Kavita Singh (Wife)
Ms. Savitri Devi Singh
(Daughter)
Ms. Anushka Singh
(Daughter)
c) Mr. T.C. Goyal Managing Director Ms. Sharda Goyal (Wife)
d) Ms. Pia Singh Whole Time
Director
Mr. Dhiraj Sarna
(Husband)
* Relatives of key management personnel (other than key
management personnel themselves) with whom there were
transactions during the year.
97
(vi) Other enterprises under the control of the key management
personnel and their relatives :
1 A.S.G. Realcon Private Limited
2 Adampur Agricultural Farm
3 Adept Real Estate Developers Private Limited
4 AGS Buildtech Private Limited
5 Alfa Investments Global Limited {w.e.f. April 20, 2012}
6 Angus Builders & Developers Private Limited
7 Antriksh Properties Private Limited
8 Anubhav Apartments Private Limited
9 Arihant Housing Company*
10 Atria Partners
11 Beckon Investments Group Limited {w.e.f. April 20, 2012}
12 Belicia Builders & Developers Private Limited
13 Beverly Park Operation and Maintenance Services LLP
{formerly Beverly Park Operation and Maintenance Services
Private Limited}#
14 Buland Consultants & Investments Private Limited
15 Carreen Builders & Developers Private Limited
16 Centre Point Property Management Services Private Limited
17 Ch.Lal Chand Memorial Charitable Trust
18 CGS Charitable Trust
19 Cian Builders & Developers Private Limited
20 Desent Promoters & Developers Private Limited
21 Diana Retail Private Limited
22 DLF Brands Limited
23 DLF Building & Services Private Limited
24 DLF Commercial Enterprises
25 DLF Employees Welfare Trust
26 DLF Foundation
27 DLF Investments Private Limited
28 DLF M.T. FBD Medical and Community Facilities Charitable
Trust
29 DLF Q.E.C. Educational Charitable Trust
30 DLF Q.E.C. Medical Charitable Trust
31 DLF Raghvendra Temple Trust
32 Elephanta Estates Private Limited
33 Enki Retail Solutions Private Limited
34 Eros Retail Private Limited
35 Excel Housing Construction LLP {formerly Excel Housing
Construction Private Limited}#
36 Exe. of The Estate of Lt. Ch. Raghvendra Singh
37 Exe. of The Estate of Lt. Smt. Prem Mohini
38 Family Idol Shri Radha Krishan J i
39 Family Idol Shri Shiv J i
40 Ferragamo Retail India Private Limited
41 Gangrol Agricultural Farm & Orchard
42 General Marketing Corporation
43 Giorgio Armani India Private Limited
44 Good Luck Trust {w.e.f. September 7, 2012}
45 Haryana Electrical Udyog Private Limited
46 Herminda Builders & Developers Private Limited
47 Hitech Property Developers Private Limited
48 Indira Trust
49 Ishtar Retail Private Limited
50 J handewalan Ancillaries Private Limited {formerly J handewalan
Ancillaries and Investments Private Limited}
51 J uno Retail Private Limited
52 K. P. Singh HUF
53 Kapo Retail Private Limited
54 Kohinoor Real Estates Company *
55 Krishna Public Charitable Trust
56 Lal Chand Public Charitable Trust
57 Lion Brand Poultries
58 Madhukar Housing and Development Company *
59 Madhur Housing and Development Company *
60 Mallika Housing Company LLP
{formerly Mallika Housing Company *}#
61 Megha Estates Private Limited
62 Nachiketa Family Trust
63 Northern India Theatres Private Limited
64 P & S Exports Corporation
65 Panchsheel Investment Company *
66 Parvati Estates LLP {formerly Parvati Estates Private Limited}#
67 Pia Pariwar Trust
68 Plaza Partners
69 Power Overseas Private Limited
70 Prem Traders Private Limited {formerly Prem Traders &
Investments Private Limited}
71 Prem’s Will Trust
72 Pushpak Builders and Developers Private Limited
73 R.R Family Trust
74 Raghvendra Public Charitable Trust
75 Raisina Agencies LLP {formerly Raisina Agencies &
Investments Private Limited}#
76 Rajdhani Investments & Agencies Private Limited
77 Realest Builders and Services Private Limited
78 Renkon Partners
79 Renkon Overseas Development Limited {w.e.f. J uly 02, 2012}
80 Renuka Pariwar Trust
81 Rhea Retail Private Limited
82 Rod Retail Private Limited
83 S & S Towel Private Limited
84 Sabre Investment Advisor India Private Limited
85 Sabre Investment Consultants LLP
86 Sambhav Housing and Development Company *
87 Sarna Export International
88 Sarna Exports Limited
89 Sarna Property and Industry Private Limited
90 Sidhant Housing and Development Company *
91 Singh Family Trust
92 Skills Academy Private Limited
93 Sketch Investment Private Limited
94 Smt. Savitri Devi Memorial Charitable Trust
95 Solace Housing and Construction Private Limited
96 Solange Retail Private Limited
97 Sudarshan Estates Private Limited
98 Sukh Sansar Housing Private Limited
99 Super Mart Two Property Management Services Private Limited
100 Trinity Elastomers Private Limited
101 Trinity Housing and Construction Company *
102 Udyan Housing and Development Company *
103 Universal Management and Sales LLP {formerly Universal
Management & Sales Private Limited}#
104 Urva Real Estate Developers Private Limited
105 Uttam Builders and Developers Private Limited
106 Uttam Real Estates Company *
107 Vishal Foods and Investments Private Limited
108 Willder Limited {w.e.f. J uly 20, 2012}
109 Yashika Properties and Development Company *
110 Zigma Processing and Manufacturing Private Limited {Formerly
Zigma Retail Private Limited}
* A private company with unlimited liability.
# During the year converted into LLP from a limited liability
company.
98
Notes to the Standalone Financial Statements (Contd.)
b) The following transactions were carried out with related parties in the ordinary course of business:
(` in lac)
Description Subsidiaries/ partnership
rms
Joint ventures/ Associates
Transactions during the year 2013 2012 2013 2012
Sale of land and constructed properties # (11,884.03) 9,458.82 - -
Sale of development rights 27,172.05 40,869.62 - 16,106.30
Sale of surplus construction material (including material transfer) 98.76 66.20 - -
Development charges 19,899.96 - - -
Royalty income 2.24 1,087.36 - -
Dividend income 0.37 70.53 - -
Sale of xed assets - 41.92 - -
Interest income 91,960.10 69,710.39 4,741.54 2,952.84
Miscellaneous income # 578.15 220.69 306.56 272.15
Rent received # 1,226.85 1,067.54 - -
Maintenance and service charges paid # 1,806.26 1,079.36 - -
Expenses recovered # 7,304.32 12,332.60 - -
Purchase of xed assets 50.74 115.80 - -
Purchase of land, developed plots and material 1,137.66 1,209.81 - -
Rent paid # 598.82 621.25 - -
Interest paid 1,519.56 949.57 - -
Expenses paid 7,002.11 9,939.08 29.46 0.37
Payments under construction contracts 6,776.20 11,971.26 - -
Investment purchased 1,989.56 844.84 - -
Investments sold 38,747.27 135.00 - -
Prot / (loss) from partnership rms (net) (3,981.90) 1,319.11 - -
Loans given 678,936.43 741,225.16 - -
Loan received back 965,661.07 747,895.42 7,229.30 4,301.41
Guarantees given (net) 20,114.77 69,966.14 (14,000.00) 2,100.00
Advances received under agreement to sell 23,555.78 6,634.21 - -
Earnest money paid under agreement to purchase land/
development rights
54,653.83 22,579.00 - -
Earnest money paid under agreement to purchase land/
development rights refunded
47,553.65 85,924.49 - -
Advances given (net) - - 2,130.00 3,163.00
Purchase of development rights 1,716.64 27,468.83 - -
Loans taken 13,500.00 16,050.00 - -
Loans refunded 11,002.23 4,700.00 - -
# Figures shown above are net of service tax
99
(` in lac)
Balance at the end of the year Subsidiaries/partnership rms Joint ventures/associates
2013 2012 2013 2012
Trade receivables (including unbilled receivables) 137,869.99 117,235.58 3,878.91 13,221.30
Investments in shares/ partnership rms 645,704.41 643,237.43 20,723.00 20,723.00
Investments in debentures - 38,745.00 - -
Interest accrued on debentures - 2,789.64 - -
Loans and advances given 699,379.41 917,963.65 40,225.62 33,938.10
Earnest money and part payments under agreement to
purchase land/ development rights/ constructed properties
(net of interest capitalized)
303,940.74 311,042.19 - -
Trade payables / amounts payable 6,222.85 9,312.72 - -
Guarantees given 779,912.00 971,122.23 - 14,000.00
Advances received under agreement to sell 103,994.53 77,167.00 - -
Security deposit received 337.91 294.42 - -
Unsecured loan taken 14,702.39 11,350.00 - -
Interest payable 891.02 854.62 - -
Security deposit paid 205.72 205.72 - -
(` in lac)
Description Key Management Personnel
(KMP) and their relatives
Enterprises over which KMP is able
to exercise signicant inuence
Transactions during the year 2013 2012 2013 2012
Purchase of land and material - - 2.92 -
Remuneration paid 1,975.50 2,594.89 - -
Salary and wages 194.56 202.30 - -
Interest income - - 418.40 389.29
Rent paid - 21.03 1.08 1.10
Interest paid 313.01 - 434.18 152.77
Expenses recovered - - 9.09 7.47
Sale of xed assets 0.33 0.02 - -
Miscellaneous income - 23.21 72.81 47.79
Rent received - - 345.61 372.00
Expenses paid - - 659.63 1,107.65
Loan given - - 204.87 -
Loans taken 26,250.00 - 32,900.00 9,700.00
Loans refunded 11,250.00 - 32,900.00 9,700.00
Advance received under agreement to sell * 91.24 - 2,688.78 7,435.52
Guarantees given (net) - - - (1,100.05)
Balance at the end of the year
Trade receivables - - 234.21 -
Security deposit received - - 367.26 367.26
Investment - - 805.12 805.12
Earnest money and part payments under agreement to
purchase land/ constructed properties
- - 255.70 258.55
Advance received under agreement to sell * 2,873.13 2,781.89 10,124.29 7,435.52
Amount recoverable/advances - - 3,304.29 2,912.70
Trade payables / amounts payable (net) 157.23 129.96 2.09 1.81
Managerial commission payable 790.00 790.00 - -
Unsecured loan taken 15,000.00 - - -
Interest payable 171.52 - - -
Guarantees given (net) - - 4,127.00 5,000.00
Above includes the following material transactions:
100
Notes to the Standalone Financial Statements (Contd.)
(` in lac)
Description Subsidiaries/ partnership rms under control
Transactions during the year Name of the entity 2013 2012
Sale of land and constructed properties # DLF Home Developers Limited (9,803.98) 7,316.54
DLF City Developers Private Limited {formerly DLF
Gurgaon Golink Private Limited}
(2,443.82) 2,142.29
Sale of development rights DLF Southern Towns Private Limited - 2,313.04
DLF New Gurgaon Homes Developer Private Limited 6,000.00 16,000.00
DLF Southern Homes Private Limited 688.64 341.93
DLF Commercial Projects Corporation 1,716.64 18,627.44
DLF Universal Limited 17,500.00 7,312.26
Rational Builders and Developers - 131.00
Sale of surplus construction material
(including material transfer)
DLF Cyber City Developers Limited 65.61 55.65
DLF GK Residency 14.96 -
Development charges DLF Assets Private Limited 19,899.96 -
Royalty income DLF Homes Panchkula Private Limited 2.24 1,087.36
Dividend income DLF Promenade Limited {formerly Beverly Park
Maintenance Services Limited}
0.37 -
DLF Commercial Developers Limited - 70.53
Sale of xed assets DLF Cyber City Developers Limited - 41.92
Interest income DLF Universal Limited 31,751.21 20,014.74
DLF Home Developers Limited 19,732.37 15,746.30
Miscellaneous income # DLF Utilities Limited 160.53 134.48
DLF Home Developers Limited 230.87 6.00
DLF Universal Limited 81.44 68.78
Rent received # DLF Utilities Limited 475.93 412.25
DLF Recreational Foundation Limited 270.00 -
DLF Universal Limited 423.87 529.74
Maintenance and service charges paid # DLF Cyber City Developers Limited 125.99 122.55
DLF Utilities Limited 1,369.47 783.26
DLF Estate Developers Limited 273.53 86.00
DLF Home Services Limited 21.32 83.26
Expenses recovered # DLF Utilities Limited 205.72 870.24
DLF Home Developers Limited 3,520.88 4,558.31
DLF Hotel Holdings Limited 926.44 0.11
J awala Real Estate Private Limited {till October 31, 2012} 3.37 3,219.63
Purchase of xed assets DLF Cyber City Developers Limited 47.43 28.98
Caraf Builders & Constructions Private Limited - 86.82
Purchase of land, developed plots and
material
DLF Utilities Limited 0.70 497.30
DLF Universal Limited - 152.72
DLF Cyber City Developers Limited 927.41 -
DLF Home Developers Limited 209.55 -
Star Alubuild Private Limited - 171.54
J awala Real Estate Private Limited {till October 31, 2012} - 367.82
Rent paid # Lodhi Property Company Limited 203.41 203.41
DLF Ofce Developers 6.50 67.32
DLF Cyber City Developers Limited 347.04 308.71
Interest paid DLF Gayatri Developers 204.76 -
DLF Southern Towns Private Limited 455.57 669.14
DLF Southern Homes Private Limited 800.47 280.43
101
Description Subsidiaries/ partnership rms under control
Transactions during the year Name of the entity 2013 2012
Expenses paid DLF Home Developers Limited 5,331.40 1,654.85
DLF Utilities Limited 747.77 780.75
DLF Assets Private Limited 2.26 6,279.17
Payments under construction contracts DLF Projects Limited 6,549.22 11,618.56
Investments purchased DLF Info Park (Pune) Limited {formerly Ackruti City
Magnum Limited }
890.56 -
DLF Pramerica Life Insurance Company Limited 1,098.88 830.14
Investments sold J awala Real Estate Private Limited {till October 31, 2012} 38,745.00 -
DLF Ackruti Info Parks (Pune) Limited - 133.99
Prot / (loss) on partnership rms (net) DLF Ofce Developers 571.22 538.03
DLF Commercial Projects Corporation 86.30 (641.04)
DLF Gayatri Developers 20.07 683.99
DLF Green Valley (277.62) (246.90)
Rational Builders and Developers (1,853.05) (1.12)
DLF GK Residency (2,569.95) 929.97
Loans given DLF Universal Limited 179,373.00 116,646.65
DLF Home Developers Limited 221,832.62 237,878.49
DLF Cyber City Developers Limited 94,078.00 89,396.00
DLF Utilities Limited 93,740.00 179,868.63
Loan received back DLF Universal Limited 243,692.53 192,374.56
DLF Home Developers Limited 281,274.71 232,426.08
DLF Cyber City Developers Limited 142,024.00 51,801.00
DLF Utilities Limited 126,143.93 195,648.37
Guarantees given (net) DLF Utilities Limited 6,220.00 15,230.00
DLF Cyber City Developers Limited 17,850.00 (48,850.00)
DLF Home Developers Limited 53,000.00 87,000.00
DLF Universal Limited 10,000.00 93,500.00
DLF Ackruti Info Parks (Pune) Limited - (30,534.86)
DLF Info City Developers (Chennai) Limited (27,700.00) -
DLF Info City Developers (Chandigarh) Limited 7,500.00 -
Eastern India Powertech Limited (7,100.23) -
DLF Projects Limited (28,000.00) -
DLF GK Residency (5,000.00) -
DLF Global Hospitality Limited 345.00 (5,879.00)
DLF Promenade Limited {formerly Beverly Park
Maintenance Services Limited}
- (38,400.00)
Lodhi Property Company Limited - 39,000.00
DLF Infocity Developers (Kolkatta) Limited 16,000.00 -
DLF Emporio Limited {formerly Regency Park Property
Management Services Limited }
- (41,100.00)
DLF Commercial Developers Limited (23,000.00) -
Advances received under agreement to
sell
DLF New Gurgaon Homes Developer Private Limited 12,235.78 6,634.22
DLF City Developers Private Limited {formerly DLF
Gurgaon Golink Private Limited}
11,320.00 -
Earnest money paid under agreement to
purchase land/ development rights
DLF Commercial Projects Corporation 50,598.64 21,276.00
Rational Builders and Developers 3,948.91 1,303.00
Earnest money paid under agreement
to purchase land/ development rights
refunded
DLF Commercial Projects Corporation 47,408.65 85,038.49
Rational Builders and Developers 145.00 886.00
(` in lac)
102
Notes to the Standalone Financial Statements (Contd.)
Description Subsidiaries/ partnership rms under control
Transactions during the year Name of the entity 2013 2012
Purchase of development rights DLF Commercial Projects Corporation 1,716.64 27,337.82
Rational Builders and Developers - 131.00
Loan taken DLF Southern Towns Private Limited - 10,600.00
DLF Southern Homes Private Limited 5,500.00 5,450.00
DLF Gayatri Developers 3,000.00 -
DLF Raidurg Developers Private Limited 5,000.00 -
Loan refunded DLF Southern Homes Private Limited 4,500.00 -
DLF Southern Towns Private Limited 6,502.23 4,700.00
Balance at the end of the year
Trade receivables (including unbilled
receivables)
DLF Assets Private Limited 110,451.68 90,568.51
DLF Universal Limited 17,522.46 -
Investments in shares / partnership rms DLF Hotel Holdings Limited 132,493.00 132,493.00
Caraf Builders & Constructions Private Limited 375,000.00 375,000.00
Investments in debentures J awala Real Estate Private Limited {till October 31, 2012} - 38,745.00
Interest accrued on debentures J awala Real Estate Private Limited {till October 31, 2012} - 2,789.64
Loans and advances given DLF Universal Limited 206,106.18 241,954.26
DLF Home Developers Limited 160,069.88 205,782.71
Earnest money and part payments under
agreement to purchase land/ development
rights/ constructed properties (net of
interest capitalized)
DLF Commercial Projects Corporation 212,704.06 215,894.04
Rational Builders and Developers 79,900.69 83,704.60
Trade payables/ amounts payable DLF Projects Limited - 6,862.32
DLF New Gurgaon Homes Developer Private Limited 5,240.93 -
DLF Assets Private Limited - 898.54
Guarantees given DLF Home Developers Limited 283,053.00 318,200.00
DLF Cyber City Developers Limited 81,995.00 83,000.00
DLF Universal Limited 93,436.00 93,500.00
DLF Global Hospitality Limited 103,960.00 173,701.00
Advances received under agreement to
sell
DLF New Gurgaon Homes Developer Private Limited 53,368.90 47,133.11
DLF City Developers Private Limited {formerly DLF
Gurgaon Golink Private Limited}
10,786.26 -
DLF Home Developers Limited 39,839.37 30,033.89
Security deposit received DLF Utilities Limited 102.95 59.46
DLF Universal Limited 234.95 234.95
Unsecured loan (taken) DLF Southern Homes Private Limited 6,702.39 5,450.00
DLF Gayatri Developers 3,000.00 -
DLF Raidurg Developers Private Limited 5,000.00 -
DLF Southern Towns Private Limited - 5,900.00
Interest payable DLF Southern Homes Private Limited 653.85 252.39
DLF Gayatri Developers 184.28 -
DLF Southern Towns Private Limited - 602.23
Security deposits paid Lodhi Property Company Limited 44.22 44.22
DLF Utilities Limited 157.50 157.50
#Figures shown above are net of service tax
(` in lac)
103
(` in lac)
Description J oint Ventures/ Associates
Transactions during the year Name of the entity 2013 2012
Sale of Development Rights Saket Courtyard Hospitalty Private Limited - 16,106.30
Interest income Saket Courtyard Hospitalty Private Limited 2,735.50 1,579.62
J oyous Housing Limited 2,006.04 1,373.22
Miscellaneous income# Saket Courtyard Hospitalty Private Limited 306.56 272.15
Loan received back Saket Courtyard Hospitalty Private Limited 7,229.30 4,301.41
Expenses Paid Designplus Architechture Private Limited 29.31 -
Guarantees given (net) Kujjal Builders Private Limited {till March 30, 2013} (14,000.00) 2,100.00
Advances given (net) J oyous Housing Limited 2,130.00 3,163.00
(` in lac)
Description J oint Ventures/ Associates
Balance at the end of the year Name of the entity 2013 2012
Trade receivables Saket Courtyard Hospitalty Private Limited 3,878.91 13,221.30
Investments in shares DLF Limitless Developers Private Limited 20,125.50 20,125.50
Loans and advances given Saket Courtyard Hospitalty Private Limited 15,886.24 13,507.05
J oyous Housing Limited 24,366.51 20,431.08
Guarantees given (net) Kujjal Builders Private Limited {till March 30, 2013} - 14,000.00
(` in lac)
Description Enterprises over which KMP is able to exercise signicant inuence
Transactions during the year Name of the entity 2013 2012
Purchase of land and material DLF Building & Services Private Limited 2.92 -
Interest income DLF Brands Limited 418.40 389.29
Rent paid # Realest Builders & Services Private Limited 0.58 0.50
Parvati Estates LLP {formerly Parvati Estates Private Limited} 0.50 0.60
Interest paid Beverly Park Operation and Maintenance Services LLP {formerly
Beverly Park Operation and Maintenance Services Private Limited}
111.55 -
Panchsheel Investment Company 139.25 118.87
Yashika Properties and Development Company 34.90 28.74
Expenses recovered # DLF Brands Limited 0.02 0.98
DLF Building & Services Private Limited 8.95 6.35
Miscellaneous income DLF Brands Limited 27.19 8.35
Kapo Retail Private Limited 3.36 4.09
Rhea Retail Private Limited 14.05 10.66
Solange Retail Private Limited 25.75 21.97
Rent received DLF Brands Limited 22.79 70.49
Kapo Retail Private Limited 17.81 50.17
Rhea Retail Private Limited 126.73 59.24
DLF Building & Services Private Limited 42.34 28.23
Solange Retail Private Limited 130.14 129.03
Expenses paid DLF Foundation 604.13 1,025.00
Loan given DLF Brands Limited 204.86 -
Loan taken Panchsheel Investment Company 8,000.00 7,525.00
Beverly Park Operation and Maintenance Services LLP
{formerly Beverly Park Operation and Maintenance Services
Private Limited}
12,200.00 -
Yashika Properties and Development Company 1,850.00 1,850.00
Loan refunded back Panchsheel Investment Company 8,000.00 7,525.00
Beverly Park Operation and Maintenance Services LLP
{formerly Beverly Park Operation and Maintenance Services
Private Limited}
12,200.00 -
Yashika Properties and Development Company 1,850.00 1,850.00
Advance received under agreement to sell * Panchsheel Investment Company 2,505.64 5,820.36
Yashika Properties and Development Company 183.14 1,615.15
Guarantees given (net) Giorgio Armani India Private Limited - (1,100.05)
#Figures shown above are net of service tax
104
Notes to the Standalone Financial Statements (Contd.)
(` in lac)
Description Enterprises over which KMP is able to exercise signicant inuence
Balance at the end of the year Name of the entity 2013 2012
Trade receivables DLF Brands Limited 31.14 -
Rhea Retail Private Limited 50.27 -
Solange Retail Private Limited 123.46 -
Security deposit received DLF Brands Limited 57.22 57.22
Kapo Retail Private Limited 36.47 36.47
Rhea Retail Private Limited 85.44 85.44
Solange Retail Private Limited 153.30 153.30
Investments DLF Brands Limited 800.00 800.00
Earnest money and part payments under agree-
ment to purchase land/ constructed properties
DLF Building & Services Private Limited 221.43 224.29
Amount recoverable/advances DLF Brands Limited 3,294.21 2,902.46
Trade payables/ amounts payable DLF Building & Services Private Limited 0.85 0.54
DLF Q.E.C. Educational Charitable Trust 1.17 1.17
Advance received under agreement to sell * Panchsheel Investment Company 8,326.00 5,820.36
Yashika Properties and Development Company 1,798.29 1,615.15
Guarantees given (net)
DLF Brands Limited
4,127.00 5,000.00
(` in lac)
Description Key Management Personnel (KMP) and their relatives
Transactions during the year Name of the Director 2013 2012
Remuneration paid Dr. K.P. Singh 452.44 371.99
Mr. Rajiv Singh 544.03 541.17
Mr. K. Swarup (till December 31, 2011) - 567.53
Mr. T.C. Goyal 662.65 784.45
Ms. Pia Singh 316.38 329.75
Salary and wages Ms. Renuka Talwar 194.56 202.30
Rent paid Ms. Veena Swarup - 21.03
Sale of xed assets Mr T.C. Goyal 0.32 -
Mr. K. Swarup (till December 31, 2011) - 21.03
Miscellaneous income Mr. Rajiv Singh
Ms. Pia Singh
Ms. Renuka Talwar
- 23.21
Interest paid Dr. K.P. Singh 7.21 -
Mr. Rajiv Singh 67.13 -
Ms. Pia Singh 238.66 -
Loans taken Dr. K.P. Singh 750.00 -
Mr. Rajiv Singh 5,500.00 -
Ms. Pia Singh 20,000.00 -
Loans refunded Dr. K.P. Singh 750.00 -
Mr. Rajiv Singh 5,500.00 -
Ms. Pia Singh 5,000.00 -
Advance received under agreement to sell Mr T.C. Goyal 49.86 -
Ms Sharda Goyal 41.39 -
Balance at the end of the year
Advance received under agreement to sell* Mr Rajiv Singh 936.60 936.60
Mr. T.C. Goyal 352.62 302.76
Ms Sharda Goyal 496.61 455.23
Mr. Dhiraj Sarna 1,087.30 1,087.30
Trade payables / amounts payable (net) Dr. K.P. Singh 25.78 24.32
Mr. Rajiv Singh 24.69 -
Ms. Pia Singh 6.76 5.64
Ms. Renuka Talwar 100.00 100.00
Unsecured loan taken Ms. Pia Singh 15,000.00 -
Interest payable Ms. Pia Singh 171.52 -
Managerial commission payable Dr. K.P. Singh 250.00 250.00
Mr. Rajiv Singh 250.00 250.00
Mr. T.C. Goyal 190.00 190.00
Ms. Pia Singh 100.00 100.00
* Revenue has been recognized as per the percentage of completion method {refer accounting policy no. g(i)(a)}on a project as a whole
and not on individual basis.
105
35. Information pursuant to clause 32 of the listing agreements with stock exchanges
(` in lac)
Loans and advances in the nature of loans to Subsidiaries/Associates/J oint
ventures/ partnership rms/others
Balance as on
March 31
Maximum balance during
the year
Name of the entity Status 2013 2012 2013 2012
1 DLF Universal Limited Subsidiary 205,220.21 240,963.65 342,670.83 315,894.66
2 DLF Home Developers Limited Subsidiary 162,715.69 204,398.64 227,508.09 227,896.34
3 Paliwal Developers Limited Subsidiary 1,406.71 1,245.30 1,406.71 1,245.30
4 DLF Promenade Limited
{formerly Beverly Park Maintenance Services Limited}
Subsidiary 35,863.67 59,126.47 59,126.47 59,126.47
5 DLF Cyber City Developers Limited Subsidiary 1,445.81 47,946.80 56,158.80 47,946.80
6 Breeze Construction Private Limited Subsidiary 13,191.51 11,669.02 13,191.51 11,669.02
7 DLF Utilities Limited Subsidiary 23,709.68 53,637.16 53,637.16 86,662.01
8 DLF Estate Developers Limited Subsidiary 444.54 952.93 952.93 952.93
9 NewGen MedWorld Hospitals Limited Subsidiary 68.34 59.45 68.34 59.45
10 Dalmia Promoters and Developers Private Limited Subsidiary 1,203.97 944.98 1,203.97 944.98
11 Eastern India Powertech Limited Subsidiary 51,636.82 53,070.50 53,593.88 53,070.50
12 DLF Hotel Holdings Limited Subsidiary 29,333.43 59,959.47 61,473.47 59,959.47
13 Edward Keventers (Successors) Private Limited Subsidiary 24,957.53 9,616.27 30,269.27 9,616.27
14 DLF Emporio Restaurant Limited Subsidiary 3,330.00 1,989.12 3,330.00 3,692.89
15 Galleria Property Management Services Private Limited Subsidiary 7,399.93 5,897.93 7,399.93 5,897.93
16 DLF Emporio Limited {formerly Regency Park Property
Management Services Limited}
Subsidiary 3,965.95 672.56 3,965.95 672.56
17 DLF City Centre Limited Subsidiary 376.50 1,121.04 1,256.04 1,121.04
18 J awala Real Estate Private Limited {till October 31, 2012} Subsidiary - 23,502.40 35,102.40 23,502,40
19 DLF Property Developers Limited Subsidiary 858.32 921.17 921.17 921.17
20 DLF Real Estate Builders Limited Subsidiary 19,849.49 17,628.67 19,849.49 17,628.67
21 DLF Residential Partners Limited Subsidiary 2,142.70 1,886.29 2,142.70 1,886.29
22 DLF Residential Developers Limited Subsidiary 2,562.58 2,266.18 2,562.58 2,266.18
23 DLF Info Park Developers (Chennai) Limited Subsidiary 149.72 88.93 149.72 88.93
24 Chandrajyoti Estate Developers Private Limited Subsidiary 190.09 150.99 190.09 150.99
25 DLF New Gurgaon Ofces Developers Private Limited Subsidiary 7.52 6.76 7.52 6.76
26 DLF GK Residency Partnership 66,166.71 73,654.61 74,587.86 79,252.12
27 DLF New Gurgaon Retail Developers Private Limited Subsidiary 288.11 106.00 288.11 1,233.00
28 Paliwal Real Estate Limited Subsidiary 78.45 26.47 78.45 26.47
29 DLF Projects Limited Subsidiary 8,437.37 - 8,437.37 7.95
30 DLF Assets Private Limited Subsidiary - - - 35.26
31 DLF Green Valley Partnership 3,846.75 3,483.41 3,846.75 4,179.06
32 DLF Homes Pune Private Limited {till J anuary 18, 2013} Subsidiary - 260.73 646.73 260.73
33 Cyrilla Builders & Developers Limited Subsidiary 5.87 5.28 5.87 5.28
34 DLF Residential Builders Limited Subsidiary 1,719.25 1,541.42 1,719.25 1,541.42
35 Richmond Park Property Management Services Limited Subsidiary 3,247.72 2,899.44 3,247.72 2,899.44
36 Riveria Commercial Developers Limited Subsidiary 1,192.99 38.75 1,192.99 38.75
37 Valini Builders & Developers Private Limited Subsidiary 2.29 2.06 2.29 2.06
38 DLF Info Park (Pune) Limited
{formerly Ackruti City Magnum Limited}
Subsidiary 1,281.22 9,949.82 14,997.26 14,330.00
39 Saket Courtyard Hospitalty Private Limited J oint Venture 19,742.10 13,507.05 26,385.69 17,044.34
40 Vkarma Capital Investment Management Company Private Limited Subsidiary 26.51 - 26.51 -
41 DLF City Developers Private Limited
{formerly DLF Gurgaon Golink Private Limited}
Subsidiary 8,946.90 - 8,946.90 -
42 DLF Gayatri Developers Partnership 765.47 - 765.47 -
43 DLF Brands Limited Others 3,274.83 2,836.68 3,274.83 2,836.68
• There are no transactions of loans and advances to subsidiaries / associate / rms / others in which directors are interested other than
as disclosed above.
• There are no loans and advances in the nature of loans where there is no repayment schedule or repayment beyond seven years or no
interest or interest below Section 372A of the Companies Act 1956.
106
Notes to the Standalone Financial Statements (Contd.)
36. Operating leases
A) Assets given on lease *
(` in lac)
Class of assets Gross block
as on
March 31, 2013
Depreciation
for the year 2012-13
Accumulated
Depreciation
March 31, 2013
a) Fixed assets - Tangible
Land 23,992.98 34.06 200.81
Building 62,224.62 1,391.71 3,793.77
Other assets 2,167.77 171.46 322.64
b) Current assets
(Constructed buildings and related equipments including land)
Lease hold 2,830.52 42.77 749.76
Free hold 12,015.35 244.24 1,230.35
* Includes partly self occupied properties.
B) The Company has leased facilities under non-cancellable operating leases. The future minimum
lease payment in respect of these leases as at March 31, 2013 are:
(` in lac)
2013 2012
Minimum lease payments receivables
(i) Not later than one year 11,599.80 11,464.05
(ii) Later than one year and not later than ve years 8,798.84 13,270.18
(iii) Later than 5 years 400.50 1,515.44
Total 20,799.14 26,249.67
37. Investments in joint ventures
S. No Joint venture Location Principal activities Ownership interest
1 DLF Limitless Developers Private Limited New Delhi Development and
construction of townships
50%
2 Saket Courtyard Hospitalty Private Limited New Delhi Development and
construction of Hotels
8%
The Company’s share of the assets, liabilities, income and expenditure of the signicant joint ventures
(under jointly controlled entities) are as follows:
(` in lac)
2013 2012
Amount in respect of DLF Limitless Developers Private Limited – Balance Sheet
Assets
Current assets 22,237.97 21,595.34
Liabilities
Reserves and surplus 2,101.31 1,461.44
Current liabilities 11.16 8.40
Amount in respect of DLF Limitless Developers Private Limited – Statement of Prot and Loss
Income 961.78 284.29
Expenses 2.20 7.62
Net prot after tax and prior period item 639.87 184.49
107
(` in lac)
2013 2012
Amount in respect of Saket Courtyard Hospitalty Private Limited – Balance Sheet
Assets
Fixed assets 1,098.95 1,140.23
Non current investments - 240.40
Other non-current assets 79.38 105.79
Current assets 1,396.72 138.65
Liabilities
Reserves and surplus (128.09) (54.42)
Current liabilities 2,141.28 1,117.42
Non current liabilities 1.86 2.09
Amount in respect of Saket Courtyard Hospitalty Private Limited – Statement of Prot and Loss
Income 683.27 203.01
Expenses 1,325.76 306.15
Net loss after tax and prior period item (516.82) (54.42)
Note: Disclosure of nancial data as per Accounting Standard - 27 ‘Financial Reporting of interest in the joint ventures’ is made based on the
audited nancial statements of the above mentioned J oint Venture Operations or J oint venture entities, as the case may be.
38. Employee Stock Option Scheme, 2006 (ESOP)
a) During the year ended March 31, 2007, the Company had announced an Employee Stock Option
Scheme (the “Scheme”) for all eligible employees of the Company, its subsidiaries, joint ventures
and associates. Under the Scheme, 17,000,000 equity shares have been earmarked to be
granted under the Scheme and the same will vest as follows:
Block I Block II Block III
Year 2 Year 4 Year 6
10% of the total grant 30% of the total grant 60% of the total grant
Pursuant to the above Scheme, the employee will have the option to exercise the right within
three years from the date of vesting of shares at ` 2 per share, being its exercise price.
b) As per the Scheme, the Remuneration Committee has granted Options as per details below :
Grant numbers Date of grant Number of options granted Outstanding options as on
March 31, 2013 (Net of options
exercised/forfeited)
I J uly 1, 2007 3,734,057
(3,734,057)
1,460,730
(1,609,050)
II October 10, 2007 308,077
(308,077)
85,330
(94,921)
III J uly 1, 2008 1,645,520
(1,645,520)
777,236
(1,029,194)
IV October 10, 2008 160,059
(160,059)
65,682
(72,486)
V J uly 1, 2009 3,355,404
(3,355,404)
2,277,680
(2,515,651)
VI October 10, 2009 588,819
(588,819)
493,577
(504,735)
According to the Guidance Note 18 on “Share Based Payments” issued by ICAI, ` 3,249.50
lac (previous year ` 3,889.80 lac) have been provided during the year as proportionate cost of
ESOPs.
108
Notes to the Standalone Financial Statements (Contd.)
c) Outstanding stock options for equity shares of the Company under the “Employee Stock Option
Scheme”:
2013
Grant No. Date of grant Exercise price
`
Numbers outstanding Number of options committed to be
granted in the future
Total
I J uly 1, 2007 2 1,460,730
(1,609,050)
---
(---)
1,460,730
(1,609,050)
II October 10, 2007 2 85,330
(94,921)
---
(---)
85,330
(94,921)
III J uly 1, 2008 2 777,236
(1,029,194)
---
(---)
777,236
(1,029,194)
IV October 10, 2008 2 65,682
(72,486)
---
(---)
65,682
(72,486)
V J uly 1, 2009 2 2,277,680
(2,515,651)
---
(---)
2,277,680
(2,515,651)
VI October 10, 2009 2 493,577
(504,735)
---
(---)
493,577
(504,735)
d) In accordance with the Guidance Note 18 “Share based payments” issued by ICAI the following
information relates to the stock options granted by the Company.
2013
Particulars Stock options
(numbers)
Range of
exercise prices
(`)
Weighted-average
exercise prices
(`)
Weighted-average
remaining contractual life
(years)
Outstanding, beginning of the year 5,826,037
(6,961,525)
2
(2)
-
(-)
-
(-)
Add: Granted during the year -
(-)
-
(-)
-
(-)
-
(-)
Less: Forfeited during the year 329,558
(321,863)
2
(2)
2
(2)
-
(-)
Less: Exercised during the year 336,244
(813,625)
2
(2)
2
(2)
-
(-)
Less: Lapsed during the year -
(-)
-
(-)
-
(-)
-
(-)
Outstanding, end of the year 51,60,235
(5,826,037)
2
(2)
2
(2)
2.50
(3.40)
Exercisable at the end of the year 371,983
(322,203)
2
(2)
2
(2)
-
(-)
e) The following table summarizes information about stock options outstanding as at March 31,
2013:
Options outstanding Options exercisable
Range of exercise
prices
Numbers Weighted average
remaining contractual life
(years)
Weighted average
exercise price
Numbers Weighted average
exercise price
2
(2)
51,60,235
(5,826,037)
2.50
(3.40)
2
(2)
371,983
(322,203)
2
(2)
The Company has calculated the employee compensation cost using the intrinsic value of the stock
options measured by a difference between the fair value of the underline equity shares at the grant
date and the exercise price. Had compensation cost been determined in a manner consistent with
the fair value method, based on Black-Scholes model, the employees compensation cost would
have been lower by ` 313.73 lac and proforma prot after tax would have been ` 50,368.43 lac
109
(higher by ` 211.94 lac). On a proforma basis, the basic and diluted earnings per share would have
been ` 2.97 and ` 2.96 respectively.
The fair value of the options granted is determined on the date of the grant using the “Black-
Scholes option pricing model” with the following assumptions:
Grant I Grant ll Grant lll Grant IV Grant V Grant VI
Dividend yield (%) 0.28 0.28 0.57 0.73 0.86 0.64
Expected life (number of years) 6.50 6.50 5.50 5.50 5.50 5.50
Risk free interest rate (%) 8.37 8.09 9.46 8.17 6.75 7.26
Volatility (%) 82.30 82.30 52.16 59.70 86.16 81.87
39. Employee Shadow Option Scheme
Under the Employee Shadow Option Scheme (the “Scheme”), employees are entitled to get cash
compensation based on the average market price of equity share of the Company, upon exercise of
shadow option on a future date. As per the scheme, shadow options will vest as follows:-
Tranche Date of Grant * Vesting during
year 1
Vesting at the
end of year 2
Vesting at the
end of year 3
Vesting at the
end of year 4
Vesting at the
end of year 7
I J uly 1, 2007 - 50% - 50% -
II September 1, 2007 - 50% - 50% -
III J uly 1, 2008 - 50% 50% - -
IV October 10, 2008 - 50% 50% - -
V J uly 1, 2009 - 100% - - -
VI August 1, 2010 - - - - 100%
VII November 1, 2012 33.33% 33.33% 33.34% - -
Details of outstanding options and the expenses recognized under the employee shadow option
scheme is as under:
No. of Shadow
options
outstanding as on
March 31, 2013
Exercise
price
Average
market
price
Fair value of shadow
option
Total expenses charged
to Statement of Prot and
Loss (Included in note no.
22 – Employee benets)
Liability as on March
31, 2013 (Included in
note no. – 7 Provisions
– Employee Benets)
(No.) `/Option `/Option `/Option ` in lac ` in lac
742,476
(650,333)
2
(2)
261.39
(199.70)
259.39
(197.70)
421.30
(196.06)
739.27
(317.97)
(Figures in brackets pertain to previous year)
* For tranche I and II 50% options have already been vested in the nancial year ended March 31, 2010 and remaining 50% vested in
previous nancial year ended March 31, 2012. For tranche III & IV 50% options vested in the nancial year ended March 31, 2011 and
remaining 50% vested in previous nancial year ended March 31, 2012. For tranche V part of the options vested in previous nancial
year ended March 31, 2012, hence remaining of tranche V, and entire tranche VI and VII are disclosed above.
40. a) The Company uses forward contracts and Swaps to hedge its risks associated with uctuations
in foreign currency and interest rates. The use of Forward contracts and Swaps is covered by
Company’s overall strategy. The Company does not use forward covers and Swaps for speculative
purposes.
As per the strategy of the Company, foreign currency loans are covered by comprehensive
110
Notes to the Standalone Financial Statements (Contd.)
hedge, considering the risks associated with the hedging of such loans, which effectively xes
the principal and interest liability of such loans and further there is no additional risk involved post
hedging of these loans.
The following are the outstanding forward contracts and swaps as at March 31, 2013:
(` in lac)
For hedging any risks 2013 2012
Secured borrowings 179,398.23 197,398.66
Interest on secured borrowings 345.68 337.05
b) The detail of foreign currency exposure that are not hedged by derivative instrument or otherwise
included in the borrowings is as mentioned below:
(` in lac)
2013 2012
INR USD* INR USD
Secured borrowings 5,880.33 108.12 5,530.81 108.12
Interest on secured borrowings 25.11 0.46 28.25 0.55
Unsecured borrowings 1,802.39 33.14 1,695.26 33.14
Interest on unsecured borrowings 10.38 0.19 9.54 0.19
* Conversion rate applied 1 USD =`54.39 (Previous year `51.16)
41. Contingent liabilities and Commitments, not provided for, exist in respect of
(I) Contingent liabilities
(` in lac)
2013 2012
a) Guarantees issued by the Company on behalf of :
Subsidiary companies 779,912.00 971,122.23
Others 39,127.00 69,000.00
b) Claims against the Company (including unasserted claims) not acknowledged as debts 79,875.26 73,999.26
c) Income tax demand in excess of provisions (pending in appeals) 163,979.87 116,933.82
d) Compensation for delayed possession 616.62 1,057.07
(II) Commitments
(` in lac)
2013 2012
a) Capital expenditure commitments 25,274.37 45,923.18
b) The Company has undertaken to provide continued nancial support to its certain subsidiaries as and when required.
c) The Company has undertaken to provide continued nancial support to J oyous Housing Limited (an associate company) for execution
of its project at Tulsiwadi, Mumbai.
42. The Company is primarily engaged in the business of colonization and real estate development,
which as per Accounting Standard – 17 on “Segment Reporting” notied pursuant to the Companies
111
(Accounting Standard) Rules, 2006 issued by the Central Government in exercise of the powers
conferred under sub-section (1) (a) of Section 642 of the Companies Act, 1956 is considered to be the
only reportable business segment. The Company is primarily operating in India which is considered
as a single geographical segment.
43. Dividend to non-resident shareholders
(in foreign currency) (` in lac)
2013 2012
Number of shareholders 2 1
Number of shares held 16,300 16,000
Dividend remitted 0.33 0.32
Year to which it relates 2012 2011
44. Expenditure in foreign currency (on cash basis) (` in lac)
2013 2012
Travelling 264.41 131.98
Professional charges 1,051.94 2,603.93
Interest paid 9,212.86 8,150.43
Others 1,735.74 1,527.40
45. Receipts in foreign currency (on cash basis) (` in lac)
2013 2012
Receipts from customers (against agreements to sell) 4,778.12 5,289.76
Interest from customers (under agreement to sell) 75.13 48.45
46. CIF value of import (` in lac)
2013 2012
Material (including material purchased in high seas) 3,422.95 3,664.58
47. Payment to auditors (included in legal and professional expenses) (` in lac)
2013 2012
Audit fee 84.00 79.00
Tax audit fee 6.00 6.00
Tax matters - 42.35
Certication and other matters 2.95 3.38
Out of pocket expenses 8.60 6.13
Service tax 13.19 14.10
114.74 150.96
48. Details of Capital work-in-progress as on March 31, 2013 (` in lac)
2013 2012
Land 122,675.46 122,675.46
Development and construction expenses * 98,272.53 58,147.63
Finance charges 33,299.72 26,953.65
Softwares – under development/ implementation 7.59 125.18
Building, plant and machinery and structure installed for multi-level automated car parking in
building constructed on leasehold land
- 11,793.00
254,255.30 219,694.92
* including depreciation and amortisation
112
Notes to the Standalone Financial Statements (Contd.)
49. Wind mill projects of the Company are entitled for tax holiday under Section 80-IA of the Income
Tax Act, 1961. Accordingly, the computation of tax (current and deferred) has been done as per
Accounting Standard 22 “Accounting for taxes on Income”, notied pursuant to the Companies
(Accounting Standard) Rules, 2006 issued by the Central Government in exercise of the powers
conferred under sub section (1) (a) of Section 642 of the Companies Act, 1956.
50. Income tax and other matters
(a) As already reported, in the earlier year, disallowance of SEZ prots u/s 80IAB of the Income Tax Act,
1961 were made by the Income Tax Authorities in the Assessment of the Company amounting to
` 35,523.71 lac for the assessment year 2009-10 and ` 48,723.00 lac for assessment year
2008-09.
The Company had led appeals before the appropriate appellate authorities against the said
assessment orders. In certain cases, relief has been granted by the CIT (Appeals). The Company
and Income Tax Department further preferred the appeals before the ITAT in those cases.
Based on the advice from independent tax experts and the development on the appeals, the
management is condent that additional tax so demanded will not be sustained on completion of
the appellate proceedings and accordingly, pending the decision by the appellate authorities, no
provision has been made in the nancial statements.
(b) During the year ended March 31, 2011, the Company received judgement from the Hon’ble High
Court of Punjab and Haryana cancelling the release/ sale deed of land relating to IT SEZ Project
in Gurgaon. The Company has led Special Leave Petitions (SLPs) challenging the orders in the
Hon’ble Supreme Court of India.
The Hon’ble Supreme Court has admitted the matter and stayed the operation of the impugned
judgment till further orders.
Based on the advice of the independent legal counsel, the management belives that there is a
reasonably strong likelihood of succeeding before the Hon’ble Supreme Court. Pending the nal
decisions on the above matter, no adjustment has been done in these nancial statements.
(c) The Competition Commission of India (CCI) on a complaint led by the Belaire / Park Place Owners
Associations had passed orders dated August 12 and August 29, 2011, wherein the CCI had
imposed a penalty of ` 63,000 lac on DLF, restrained DLF from formulating and imposing allegedly
unfair conditions with buyers in Gurgaon and further ordered to suitably modify the alleged unfair
conditions on its buyers.
The said order of CCI is challenged by DLF on several grounds by ling appeals before the
Competition Appellate Tribunal (COMPAT).
COMPAT has granted stay against the orders of CCI imposing penalty. During subsequent hearings
they have further ordered that the directions of CCI for modications of terms of the Agreement shall
remain in abeyance.
The appeals are part heard and are listed before COMPAT on J uly 15, 2013 for nal hearing.
Pending the nal decisions, no adjustment has been done in these nancial statements.
51. a) The Company along with its two wholly-owned subsidiaries, divested its entire stake in J awala
Real Estate Pvt. Ltd. (J awala) (a wholly-owned subsidiary company). Consequent to divestment,
J awala has ceased to be a subsidiary of the Company w.e.f. November 1, 2012. Prot before tax on
disposal of its investment in debentures amounting to ` 11,829.14 lac is classied as ‘other income’
in these nancial statements.
b) Based on the information available with the Company, there are no dues outstanding in respect of
Micro, Small and Medium enterprises at the balance sheet date. No amounts were payable to such
enterprises which were outstanding for more than 45 days. Further, no interest during the year has
been paid or payable in respect thereof. The above disclosure has been determined to the extent
such parties have been identied on the basis of information available with the Company. This has
been relied upon by the auditors.
113
52. The Company was selected as successful bidder in a Global Tender issued by Delhi Development
Authority (DDA) for Dwarka Project (the project) in FY 2007-08. Total Investment made by the Company
in the project as of March 31, 2013 is ` 107,569.07 lac, which comprise ` 90,108.00 lac purchase
consideration paid to DDA towards cost of land and ` 17,461.07 lac further incurred on construction/
development expenses (including interest & overheads) on the project. The Company is under litigation
for recovery of this complete amount with DDA and is opposing the suit / claim of DDA for specic
performance. The Company had also been under discussion with DDA through Hon’ble Delhi High Court
Mediation Cell appointed by Hon’ble High Court of Delhi for alternative options to execute the project.
The Company based upon opinions of legal experts believes that the investment made (classied under
Capital Work in Progress) in the project is fully recoverable and accordingly no adjustment has been
done in these nancial statements.
53. On J anuary 31, 2013, the Company has entered into denitive Business Transfer Agreement with BLP
Vayu (Project 1) Private Limited, a subsidiary of Bharat Light & Power Private Limited. For transferring of
its undertaking comprising of 150 MW capacity wind turbines situated at Kutch, Gujarat on ‘as is where
is basis’ by way of slump-sale for a lump sum consideration of ` 28,230 lac subject to the fulllment of
the terms and conditions by both the parties in accordance with the said agreement, the said undertaking
including related assets and liabilities along with relevant long term loans would be transferred to BLP
Vayu (Project 1) Private Limited. As the transaction is expected to be consummated on receipt of
requisite regulatory approvals and the closing conditions, no effect of the same is taken in these nancial
statements.
54. Under the Income Tax Act, 1961, for domestic transaction introduced with effect from April 1, 2012, the
Company is required to use specied methods for computing arm’s length price in relation to domestic
transactions with its associated enterprises. Further, Company is required to maintain prescribed
information and documents in relating to such transactions. The appropriate method to be adopted
will depend on the nature of transactions/ class of transactions, class of associated persons, functions
performed and other factors, which have been prescribed. The Company is in the process of conducting
a transfer pricing study for the current nancial year. Based on the preliminary study, the management
is of the view that the same would not have a material impact on the tax expenses provided for in these
nancial statements. Accordingly, these nancial statements do not include any adjustments for the
transfer pricing implications, if any.
55. In the opinion of the management, current assets, loans and advances have a value on realization in the
ordinary course of business at least equal to the amount at which they are stated in the balance sheet
and provisions for all known / expected liabilities have been made.
56. Subsequent to the year end, on May 20, 2013, the Company issued 81,018,417 equity shares of face
value of ` 2 each at an issue price of ` 230 per share, aggregating to ` 186,342.36 lac. The Issue
was made through the Institutional Placement Programme in terms of Chapter VIII-A of the Securities
and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, 2009, as
amended (the “SEBI Regulations”) in order to achieve minimum public shareholding of 25%. Post issue,
the paid-up share capital of the Company was increased by ` 1,620.37 lac.
57. Previous year gures has been regrouped / recast, wherever considered necessary to make them
comparable with those of current year.
For and On behalf of the Board of Directors
Ashok KumarTyagi Subhash Setia T.C.Goyal Rajiv Singh
Group Chief Financial Ofcer Company Secretary Managing Director Vice Chairman
For Walker, Chandiok & Co
Chartered Accountants
New Delhi per Vinod Chandiok
May 30, 2013 Partner
Consolidated Financial Statements
DLF Sky Court*, Sector-86, Gurgaon
*This is an artist’s impression
115
Independent Auditors’ Report
To
The Board of Directors of DLF Limited
1. We have audited the accompanying
consolidated financial statements of DLF
Limited (“the Company”) its subsidiaries,
associates and joint ventures (hereinafter
collectively referred to as ‘the Group’) which
comprises the Consolidated Balance Sheet
as at March 31, 2013, and the Consolidated
Statement of Profit and Loss and Consolidated
Cash Flow Statement for the year ended, and
the summary of significant accounting policies
and other explanatory information.
Management’s Responsi bi l i ty for the
Consol i dated Fi nanci al Statements
2. Management is responsible for the preparation
of these consolidated financial statements that
gives a true and fair view of the consolidated
financial position, consolidated financial
performance and consolidated cash flows of the
Group in accordance with accounting principles
generally accepted in India. This responsibility
includes the design, implementation and
maintenance of internal control relevant to the
preparation and presentation of the consolidated
financial statements that give a true and fair
view and are free from material misstatement,
whether due to fraud or error.
Audi tors’ Responsi bi l i ty
3. Our responsibility is to express an opinion
on these consolidated 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 consolidated financial statements
are free from material misstatement.
4. An audit involves performing procedures to
obtain audit evidence about the amounts
and disclosures in the consolidated financial
statements. The procedures selected
depend on the auditors’ judgment, including
the assessment of the risks of material
misstatement of the consolidated 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 presentation of
the consolidated financial statements that
give a true and fair view 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 consolidated financial statements.
5. We believe that the audit evidence we have
obtained is sufficient and appropriate to
provide a basis for our audit opinion.
Basi s of Qual i ed Opi ni on
6. As stated in Note 38 of the Consolidated
Financial Statements, the Auditors of Silverlink
Resorts Limited (“Silverlink”), one of the
subsidiary Company has qualified their report
for the year ended December 31, 2012 and
December 31, 2011 in respect of the balances
in translation reserve and accumulated losses
brought forward from the financial year ended
December 31, 2004 as these are yet to be fully
reconciled. These reconciliations pertain prior
to acquisition of Silverlink by the Company. The
management of Silverlink is of the opinion that
these reconciliations will not have any material
impact on the financial statements; however we
have been unable to independently verify the
same. Our audit report on financial statements
for previous year was also qualified in respect
of this matter.
Qual i ed Opi ni on
7. In our opinion and to the best of our
information and according to the explanations
116
given to us and based on the consideration of
reports of the other auditors on the financial
statements of the subsidiaries, associates
and joint ventures, except for the effects of
the matter described in the Basis for Qualified
Opinion paragraph, the consolidated
financial statements give a true and fair view
in conformity with the accounting principles
generally accepted in India:
(a) in the case of the Consolidated Balance
Sheet, of the state of affairs of the Group
as at March 31, 2013;
(b) in the case of Consolidated Statement of
Profit and Loss, of the profit for the year
ended on that date; and
(c) in the case of the Consolidated Cash
Flow Statement, of the cash flows for the
year ended on that date.
Emphasi s of Matter
8. We draw attention to certain income tax and
other matters which are explained in more
detail in Note 39. These matters are currently
pending in litigations at different levels and
there exists uncertainty in respect of the nal
resolution of these material matters, and the
resultant nancial adjustments if any, will be
recorded in the periods in which these matters
are resolved. Our audit report is not qualied in
respect of these matters.
Other Matters
9. The consolidated financial statements
include total assets (after eliminating intra-
group transactions) of ` 262,055.42 lac,
total revenues (after eliminating intra-group
transactions) of ` 47,158.30 lac and net cash
outflows of ` 403.14 lac of Silverlink Resorts
Limited (“Silverlink”), its subsidiaries, joint
ventures and associates and Lodhi Property
Company Limited (“Lodhi”), which has been
consolidated based on the audited consolidated
financial statements of Silverlink and Lodhi as
at and for the year ended December 31, 2012.
Management has confirmed that no adjustment
for the period J anuary 01, 2013 to March 31,
2013 is necessary in the consolidated financial
statements as in their view no material event,
affecting the financial statements of Silverlink
and Lodhi has occurred during the period from
J anuary 01, 2013 to March 31, 2013. Our audit
report is not qualified in respect of this matter.
10. We did not audit the financial statements
of certain subsidiaries, associates and joint
ventures included in consolidated financial
statement, whose financial statements reflect
total assets (after eliminating intra-group
transactions), of ` 994,259.29 lac as at March
31, 2013, total revenues (after eliminating
intra-group transactions) ` 149,967.72 lac and
net cash inflows aggregating to ` 7,215.89
lac for the year then ended. These financial
statements have been audited by other auditors
whose report(s) have been furnished to us by
the management, and our audit opinion on the
consolidated financial statements of the Group
for the year then ended to the extent they relate
to the financial statements not audited by us as
stated in this paragraph is based solely on the
audit report(s) of the other auditors. Our audit
report is not qualified in respect of this matter.
11. The consolidated financial statements also
include the unaudited financial statements of
certain consolidated entities, whose financial
statements reflect total assets of ` Nil as at
March 31, 2013, the total revenues of ` 46.10
lac and net cash outflows aggregate to ` Nil for
the year then ended. These financial statements
have been certified by the management. Our
audit report is not qualified in respect of this
matter.
For Walker, Chandiok & Co
Chartered Accountants
Firm Registration No: 001076N
per Vinod Chandiok
New Delhi Partner
May 30, 2013 Membership No.: 10093
117
Consolidated Balance Sheet as at March 31, 2013
(` in lac)
Note 2013 2012
EQUITY AND LIABILITIES
Shareholders’ funds
Share capital 2 213,894.32 213,887.65
Reserves and surplus 3 2,538,874.50 2,509,703.60
2,752,768.82 2,723,591.25
Share application money pending allotment 0.07 0.02
Minority interests 40,202.42 42,066.03
Non-current liabilities
Long-term borrowings 4 1,554,153.10 1,682,416.34
Other long-term liabilities 5 224,240.32 232,178.42
Long-term provisions 6 6,316.68 4,851.95
1,784,710.10 1,919,446.71
Current liabilities
Short-term borrowings 7 353,572.39 339,874.45
Trade payables 8 269,813.63 258,070.34
Other current liabilities 9 1,194,654.82 980,430.42
Short-term provisions 6 66,954.66 75,465.02
1,884,995.50 1,653,840.23
6,462,676.91 6,338,944.24
ASSETS
Non-current assets
Fixed assets
Tangible assets 10 1,807,091.10 1,861,913.49
Intangible assets 10 21,562.20 9,491.22
Capital work-in-progress 10 773,596.11 887,362.69
Intangible assets under development 10 9,835.73 11,918.18
Goodwill on consolidation 156,205.49 162,478.57
Non-current investments 11 101,104.76 97,327.53
Deferred tax assets (net) 12 65,631.62 33,492.70
Long-term loans and advances 13 365,836.48 314,625.29
Other non-current assets 14 8,609.28 14,410.52
3,309,472.77 3,393,020.19
Current assets
Current investments 15 32,265.82 15,348.94
Inventories 16 1,764,553.07 1,617,557.14
Trade receivables 17 165,325.17 176,590.50
Cash and bank balances 18 184,413.58 150,623.48
Short-term loans and advances 13 167,202.49 202,787.17
Other current assets 19 839,444.01 783,016.82
3,153,204.14 2,945,924.05
6,462,676.91 6,338,944.24
Significant accounting policies 1
The accompanying notes are an integral part of the consolidated nancial statements
For and on behalf of the Board of Directors
Ashok Kumar Tyagi Subhash Setia T.C. Goyal Rajiv Singh
Group Chief Financial Ofcer Company Secretary Managing Director Vice Chairman
This is the Consolidated Balance Sheet referred to in our report of even date
for Walker, Chandiok & Co
Chartered Accountants
New Delhi per Vinod Chandiok
May 30, 2013 Partner
118
Consolidated Statement of Prot and Loss for the year ended March 31, 2013
(` in lac)
Note 2013 2012
INCOME
Sales and other income 20 909,574.32 1,022,385.33
909,574.32 1,022,385.33
EXPENSES
Cost of revenues 21 335,588.22 396,747.44
Employee benefits expense 22 59,570.97 58,617.61
Finance costs 23 231,404.28 224,648.29
Depreciation, amortisation and impairment 24 79,623.87 68,882.89
Other expenses 25 119,504.28 117,141.22
825,691.62 866,037.45
Profit before exceptional items, tax, minority interest and share of profit
(loss) in associates
83,882.70 156,347.88
Exceptional items 3,296.20 1,598.02
Profit before tax, minority interest and share of profit (loss) in
associates
80,586.50 154,749.86
Tax expense 26 12,510.90 36,934.55
Profit before minority interests and share of profit (loss) in associates 68,075.60 117,815.31
Share of profit/(loss) in associates (net) 412.92 (150.19)
Minority interests 4,450.50 3,363.98
Profit after exceptional items, tax, minority interests, share of profit
(loss) in associates and before prior period items
72,939.02 121,029.10
Prior period items
Income tax (net) (1,540.48) 320.01
Deferred tax (net) 209.92 (652.96)
Other expenses (net) (416.55) (614.18)
Net profit for the year 71,191.91 120,081.97
Earnings per share 27
Basic earnings per share (`) 4.19 7.07
Diluted earnings per share (`) 4.18 7.06
Significant accounting policies 1
The accompanying notes are an integral part of the consolidated nancial statements
For and on behalf of the Board of Directors
Ashok Kumar Tyagi Subhash Setia T.C. Goyal Rajiv Singh
Group Chief Financial Ofcer Company Secretary Managing Director Vice Chairman
This is the Consolidated Statement of Prot and Loss referred to in our report of even date
for Walker, Chandiok & Co
Chartered Accountants
New Delhi per Vinod Chandiok
May 30, 2013 Partner
119
Consolidated Cash Flow Statement for the year ended March 31, 2013
(` in lac)
2013 2012
A. CASH FLOW FROM OPERATING ACTIVITIES
Net profit before tax, prior period items and minority interest 80,586.50 154,749.86
Adjustments for:
Depreciation, amortisation and impairment 79,623.87 68,882.89
(Profit)/loss on sale of fixed assets, (net) (1,916.93) 313.98
Interest/guarantee charges 231,404.28 224,648.29
Income from investment in trust - (375.83)
Loss/(profit) from partnership firms, (net) 127.24 (295.04)
Provision for doubtful debts and advances 17,589.37 15,585.29
Advances/assets written off (including preliminary expenses) 1,482.04 1,953.68
Exchange fluctuations (net) 559.39 260.24
Prior period items, (net) (416.55) (614.18)
Profit on sale of investments, (net) (89,880.01) (26,048.99)
Provision for diminution in value of investment 563.31 0.90
Unclaimed balances and excess provisions written back (3,867.07) (2,354.08)
Amortisation of deferred employees compensation, (net) 3,249.50 3,889.80
Amount forfeited on properties (1,299.63) (2,923.09)
Provision for employee benefits 1,474.73 (667.67)
Interest/dividend income (27,490.93) (23,191.67)
Operating profit before working capital changes 291,789.11 413,814.38
Movements in working capital:
Increase in trade and other recievables (59,375.09) (56,084.83)
Increase in inventories (81,633.34) (61,081.02)
Increase in trade and other payables 144,101.91 70,339.10
Cash generated from operations 294,882.59 366,987.63
Direct taxes paid (net of refunds) (93,999.88) (115,012.61)
Net cash generated from operating activities (A) 200,882.71 251,975.02
B. CASH FLOWS FROM INVESTING ACTIVITIES
Purchase of fixed assets (including capital work in progress) (131,932.48) (57,583.26)
Proceeds from sale of fixed assets 16,950.61 53,389.27
Interest/dividend received 24,173.94 30,656.41
Movement in share/debenture application money paid (net) 1,515.07 (2,543.07)
Movement in fixed deposits with maturity more than 3 months (net) (28,617.22) (19,121.98)
Purchase of investments (32,406.15) (70,157.07)
Proceeds from sale of investment 346,745.71 62,994.55
Net cash generated from/(used in) investing activities (B) 196,429.48 (2,365.15)
C. CASH FLOWS FROM FINANCING ACTIVITIES
Repayment of debentures (net) (102,520.00) (30,000.00)
Proceeds from borrowings 859,471.54 642,907.44
Repayment of borrowings (783,413.86) (505,386.45)
Redemption of preference shares - (1,106.20)
120
Consolidated Cash Flow Statement (Contd.)
(` in lac)
For and on behalf of the Board of Directors
Ashok Kumar Tyagi Subhash Setia T.C. Goyal Rajiv Singh
Group Chief Financial Ofcer Company Secretary Managing Director Vice Chairman
This is the Consolidated Cash Flow Statement referred to in our report of even date
for Walker, Chandiok & Co
Chartered Accountants
New Delhi per Vinod Chandiok
May 30, 2013 Partner
2013 2012
Proceeds from issue of capital (including securities premium) 13,940.70 10,542.67
Dividend paid (50,162.99) (51,072.82)
Dividend tax paid (8,147.98) (8,449.56)
Interest/guarantee charges paid (324,306.78) (301,251.32)
Net cash used in financing activities (C ) (395,139.37) (243,816.25)
Net increase in cash and cash equivalents (A + B + C) 2,172.82 5,793.63
Cash and cash equivalents at the beginning of the year 93,175.18 87,381.55
Cash and cash equivalents at the end of the year 95,348.00 93,175.18
2,172.82 5,793.63
Note:
Cash and cash equivalents (as per note 18 to the consolidated financial statements) 95,348.97 92,914.94
Less: Exchange gain / (loss) 0.97 (260.24)
95,348.00 93,175.18
Figures in brackets indicates cash outflow
121
Notes to the Consolidated Financial Statements
a. Nature of operations
DLF Limited (‘DLF’ or the ‘Company’), a public
limited company, together with its subsidiaries,
joint ventures and associates (collectively
referred to as the ‘Group’) is engaged primarily
in the business of colonisation and real estate
development. The operations of the Group
span all aspects of real estate development,
from the identication and acquisition of
land, to planning, execution, construction
and marketing of projects. The Group is also
engaged in the business of generation of
power, provision of maintenance services,
hospitality and recreational activities and life
insurance.
b. Basis of accounting
The consolidated financial statements are
prepared under historical cost convention
on an accrual basis, in accordance with the
generally accepted accounting principles
in India and to comply with the Accounting
Standards prescribed in the Companies
(Accounting Standards) Rules, 2006 issued
by the Central Government in exercise of the
power conferred under sub-section (1)(a) of
Section 642 of the Companies Act, 1956 (the
‘Act’), other pronouncements of The Institute
of Chartered Accountants of India (ICAI)
and guidelines issued by The Securities
and Exchange Board of India, to the extent
applicable.
c. Principles of consolidation
The consolidated financial statements include
the financial statements of DLF Limited, its
subsidiaries, joint ventures, partnership firms
and associates. The consolidated financial
statements of the Group have been prepared
in accordance with Accounting Standard AS
21 ‘Consolidated Financial Statements’, AS
23 ‘Accounting for Investments in Associates
in Consolidated Financial Statements’ and AS
27 ‘Financial Reporting of Interests in J oint
Ventures’ (as applicable) notified pursuant to
the Companies (Accounting Standards) Rules,
2006. The consolidated financial statements
are prepared on the following basis:
i. The consolidated nancial statements
include consolidated balance sheet,
consolidated statement of prot and loss,
consolidated statement of cash ows
and notes to the consolidated nancial
statements and explanatory statements
that form an integral part thereof. The
consolidated nancial statements are
presented, to the extent possible, in the
same format as that adopted by the parent
for standalone nancial statements.
ii. The consolidated nancial statements
include the nancial statements of the
Company and all its subsidiaries, which are
more than 50 per cent owned or controlled
and partnership rms where the Company’s
share in the prot sharing ratio is more than
50 per cent during the year. Investments
in entities that were not more than 50 per
cent owned or controlled and partnership
rms where the prot sharing ratio was not
more than 50 per cent during the year have
been accounted for in accordance with
the provisions of Accounting Standard 13
‘Accounting for Investments’, or Accounting
Standard 23 ‘Accounting for Investments
in Associates in Consolidated Financial
Statements’, or Accounting Standard 27
‘Financial Reporting of Interests in J oint
Ventures (as applicable) notied pursuant
to the Companies (Accounting Standards)
Rules, 2006.
The consolidated nancial statements have
been combined on a line-by-line basis
by adding the book values of like items of
assets, liabilities, income and expenses
after eliminating intra-group balances/
transactions and resulting elimination of
unrealised prots in full. The amounts
shown in respect of reserves comprise the
1. SIGNIFICANT ACCOUNTING POLICIES
122
amount of the relevant reserves as per the
balance sheet of the parent company and
its share in the post-acquisition increase
in the relevant reserves of the entity to be
consolidated. Financial interest in joint
ventures has been accounted for under the
proportionate consolidation method.
iii. Investments in associates are accounted for
using the equity method. The excess of cost
of investment over the proportionate share
in equity of the associate as at the date of
acquisition of stake is identied as goodwill
and included in the carrying value of the
investment in the associate. The carrying
amount of the investment is adjusted
thereafter for the post acquisition change
in the share of net assets of the associate.
However, the share of losses is accounted for
only to the extent of the cost of investment.
Subsequent prots of such associates are
not accounted for unless the accumulated
losses (not accounted for by the Group) are
recouped. Where the associate prepares
and presents consolidated nancial
statements, such consolidated nancial
statements of the associate are used for
the purpose of equity accounting. In other
cases, standalone nancial statements
of associates are used for the purpose of
consolidation.
iv. Minority interest represents the amount of
equity attributable to minority shareholders/
partners at the date on which investment in
a subsidiary/ partnership rm is made and
its share of movements in equity since that
date. Any excess consideration received
from minority shareholders of subsidiaries/
minority partners of partnership rms
over the amount of equity attributable to
the minority on the date of investment is
reected under Reserves and Surplus.
v. Notes to the consolidated nancial
statements, represents notes involving
items which are considered material and
are accordingly duly disclosed. Materiality
for the purpose is assessed in relation to the
information contained in the consolidated
nancial statements. Further, additional
statutory information disclosed in separate
nancial statements of the subsidiary and/
or a parent having no bearing on the true
and fair view of the consolidated nancial
statements has not been disclosed in the
consolidated nancial statements.
d. Use of estimates
The preparation of consolidated nancial
statements in conformity with generally
accepted accounting principles requires
management to make estimates and
assumptions that affect the reported amounts
of assets and liabilities and disclosure of
contingent liabilities on the date of the
consolidated nancial statements and the
results of operations during the reporting
periods. Although these estimates are based
upon management’s knowledge of current
events and actions, actual results could differ
from those estimates and revisions, if any, are
recognised in the current and future periods.
e. Tangible assets, capital work-in-progress
and depreciation/ amortisation
i) Fixed assets (gross block) are stated
at historical cost less accumulated
depreciation and impairment, if any. Cost
comprises the purchase price and any
attributable cost of bringing the asset to its
working condition for its intended use.
Building/specic identiable portions of
Building, including related equipments
are capitalized when the construction is
substantially complete or upon receipt of the
occupancy certicate, whichever is earlier.
ii) In respect of certain overseas hotel
properties that have commenced
commercial operations, are stated in the
balance sheet at their revalued amounts,
less any subsequent accumulated
depreciation and subsequent accumulated
impairment losses. Revaluations are
Notes to the Consolidated Financial Statements (Contd.)
123
performed with sufcient regularity such
that the carrying amount does not differ
materially from that which would be
determined using fair values at the balance
sheet date. Any revaluation increase arising
on the revaluation of such hotel properties
is credited to the revaluation reserve.
iii) Capital work-in-progress (including
intangible assets under development)
represents expenditure incurred in respect
of capital projects/intangible assets
under development and is carried at cost.
Cost includes land, related acquisition
expenses, development / construction costs,
borrowing costs capitalised and other direct
expenditure.
iv) Depreciation on xed assets (including
buildings and related equipments rented
out and included under current assets as
inventories) is provided on a straight line
method, at the rates and in the manner
prescribed in Schedule XIV to the Companies
Act, 1956, or based on the estimated useful
lives of assets, whichever is higher, as
applicable. The useful lives as estimated by
the management is as follows:
Description Estimated useful life
(years)
Leasehold land Over the effective term
of the lease
Buildings 25-62
Plant and machinery 4-20
Computers and software 2-6
Furniture and fixtures 10-15
Office equipment 8
Vehicles 2-10
Depreciation in respect of assets relating
to the power generating division of one
of the subsidiary companies is provided
on the straight line method in terms of the
Electricity (Supply) Act, 1948 on the basis
of Central Government Notication No.
S.O. 266 (E) dated March 29, 1994, from
the year immediately following the year of
commissioning of the assets in accordance
with the clarication issued by the Central
Electricity Authority as per the accounting
policy specied under the Electricity (Supply)
Annual Accounts Rules, 1985.
Depreciation on revalued properties of certain
overseas hotel properties is charged to
statement of prot and loss. On subsequent
sale or retirement of a revalued property, the
attributable revaluation surplus remaining in
the revaluation reserve is transferred directly
to reserves and surplus.
v) Leasehold lands under perpetual lease
are not being amortised. The leasehold
lands, other than perpetual lease, are being
amortised on a time proportion basis over
their respective lease periods.
f. Intangibles
i. Computer software
Softwares which are not integral part of the
hardware are classied as intangibles and are
stated at cost less accumulated amortisation.
Softwares are being amortised over the
estimated useful life of three to ve years, as
applicable.
ii. Usage rights
The Company has acquired exclusive usage
rights for 30 years under the build, own,
operate and transfer scheme of the public
private partnership (‘PPP’) scheme in respect
of properties developed as automated
multi-level car parking and commercial space
and classied them under the “Intangible
Assets – Right on Building and Right on Plant
& Machinery”. The Company has arrived at the
cost of such intangible assets in accordance with
provisions of relevant Accounting Standards.
The cost of these rights is being amortised
over the concession period in the proportion
in which the actual revenue received during
the accounting year bears to the Projected
Revenue from such Intangibles till the end
of concession period in accordance with the
Notication no. G.S.R. 298 (E) dated April 17,
2012 as notied in Ministry of Corporate Affairs
124
Notes to the Consolidated Financial Statements (Contd.)
(“MCA”) on the Intangible Assets of Schedule
XIV of the Companies Act, 1956.
iii. Goodwill
The difference between the cost of investment
to the Group in Subsidiaries and J oint Ventures
and the proportionate share in the equity of the
investee company as at the date of acquisition
of stake is recognised in the consolidated
nancial statements as Goodwill or Capital
Reserve, as the case may be.
g. Investments
Investments are classied as non-current or
current, based on management’s intention at
the time of purchase. Investments that are
readily realisable and intended to be held
for not more than a year are classied as
current investments. All other investments are
classied as non-current investments.
Trade investments are the investments made
for or to enhance the Company’s business
interests.
Current investments are stated at lower of
cost and fair value determined on an individual
investment basis. Non-current investments
are stated at cost and provision for diminution
in their value, other than temporary, is made in
the nancial statements.
Prot/loss on sale of investments is computed
with reference to the average cost of the
investment.
In respect of Life Insurance business,
investments are made in accordance with the
Insurance Act, 1938 and Insurance Regulatory
& Development Authority (Investment)
Regulations, 2000. These Investments are
recorded at cost on date of purchase including
brokerage and statutory levies.
h. Inventories
Inventories are valued as under:
i) Land and plots other than area
transferred to constructed properties
at the commencement of construction
are valued at lower of cost/approximate
average cost/as re-valued on conversion
to stock and net realisable value. Cost
includes land (including development
rights) acquisition cost, borrowing cost,
estimated internal development costs and
external development charges.
ii) Constructed properties other than Special
Economic Zone (SEZ) projects includes
the cost of land (including development
rights and land under agreements
to purchase), internal development
costs, external development charges,
construction costs, overheads, borrowing
cost, development/ construction materials,
and is valued at lower of cost/estimated
cost and net realisable value.
iii) In case of SEZ projects, constructed
properties include internal development
costs, external development charges,
construction costs, overheads, borrowing
cost, development/construction materials,
and is valued at lower of cost/estimated
cost, and net realisable value.
iv) Development rights represent amount
paid under agreement to purchase
land/development rights and borrowing
cost incurred by the company to acquire
irrevocable and exclusive licenses/
development rights in identied land and
constructed properties, the acquisition of
which is at an advanced stage.
v) Cost of construction/development
material is valued at lower of cost or net
realisable value.
vi) Rented buildings and related equipments
are valued at cost less accumulated
depreciation.
vii) In respect of the power generating
division of one of the subsidiary company,
materials & components and stores &
spares are valued at lower of cost or net
realisable value. The cost is determined
on the basis of moving weighted average.
125
Loose tools are valued at depreciated
value. Depreciation has been provided on
a straight line method at the rate of ten
per cent per annum.
viii) Stocks for maintenance and recreational
facilities (including stores and spares)
are valued at cost or net realisable value,
whichever is lower. Cost of inventories is
ascertained on a weighted average basis.
ix) Stock of food and beverages is valued at
cost or net realisable value, whichever is
lower. Cost comprises of cost of material
including freight and other related incidental
expenses and is arrived at on rst in
rst out basis. Slow moving inventory is
determined on management estimates.
i. Revenue recognition
(i) Revenue from constructed properties is
recognized in accordance with the provisions
of Accounting Standard (AS) 9 on Revenue
Recognition, read with Guidance Note on
“Recognition of Revenue by Real Estate
Developers”. Revenue is computed based on
the “percentage of completion method” and on
the percentage of actual project costs incurred
thereon to total estimated project cost, subject
to such actual cost incurred being 30 per cent
or more of the total estimated project cost.
a) For projects other than SEZ projects,
Revenue is recognised in accordance with
the term of duly executed, agreements to
sell/application forms (containing salient
terms of agreement to sell). Estimated
project cost includes cost of land/
development rights, borrowing costs,
overheads, estimated construction and
development cost of such properties. The
estimates of the saleable area and costs
are reviewed periodically and effect of any
changes in such estimates is recognised
in the period in which such changes
are determined. However, when the
total project cost is estimated to exceed
total revenues from the project, loss is
recognised immediately.
b) For SEZ projects, Revenue from
development charges is recognised in
accordance with the terms of the Co-
developer Agreements/Memorandum
of understanding (‘MOU’), read with
addendum, if any. The estimated
project cost includes construction cost,
development and construction material,
internal development cost, external
development charges, borrowing cost and
overheads of such project. Revenue from
Lease of land pertaining to such projects
is recognised in accordance with the terms
of the Co-developer Agreements/MOU on
accrual basis.
With effect from April 1, 2012 in accordance
with the Revised Guidance Note issued
by Institute of Chartered Accountants of
India (ICAI) on “Accounting for Real Estate
Transactions (Revised 2012)”, the Company
revised its Accounting Policy of revenue
recognition for all projects commencing on
or after April 1, 2012 or project where the
revenue is recognized for the rst time on or
after the above date. As per this Guidance
Note, the revenue have been recognized on
percentage of completion method provided
all of the following conditions are met at the
reporting date.
i) atleast 25% of estimated construction and
development costs (excluding land cost)
has been incurred;
ii) atleast 25% of the saleable project area
is secured by the Agreements to sell/
application forms (containing salient terms
of the agreement to sell); and
iii) atleast 10% of the total revenue as per
agreement to sell are realised in respect
of these agreements.
(ii) Sale of land and plots
Sale of land and plots (including development
rights) is recognised in the nancial year
in which the agreement to sell/application
forms (containing salient terms of agreement
to sell) is executed. Where the Company
has any remaining substantial obligations as
per agreements, revenue is recognised on
126
‘percentage of completion method’ as per (i)
a) above.
(iii) Construction contracts
a) Revenue from cost plus contracts is
recognised with respect to the recoverable
costs incurred during the period plus the
margin in accordance with the terms of
the agreement.
b) Revenue from xed price contract
is recognised under percentage of
completion method. Percentage of
completion method is determined as
a proportion of cost incurred up to the
reporting date to the total estimated
contract cost.
(iv) Rental income
Rental income is recognised in the statement
of prot and loss on accrual basis in
accordance with the terms of the respective
lease agreements.
(v) Power supply
a. Revenue from power supply together with
claims made on customers is recognised
in terms of power purchase agreements
entered into with the respective
purchasers.
b. Revenue from energy system development
contracts is recognised on percentage
of completion method and accounted
for inclusive of excise duty recovered,
where applicable. Accordingly, revenue is
recognised when cost incurred (including
appropriate portion of allocable overheads)
on the contract is estimated at 30 per cent
or more, of the total cost to be incurred
(including all foreseeable losses and an
appropriate portion of allocable overheads)
for the completion of contract, wherever
applicable.
c. Revenue from wind power generation
projects is recognised on the basis of
actual power sold (net of reactive energy
consumed), as per the terms of the
relevant power purchase agreements with
the purchasers.
d. Sale of Certied Emission Reductions
(CERs) and Voluntary Emission Reductions
(VERs) is recognised as income on the
delivery of the CERs / VERs to the customer’s
account and receipt of payment.
(vi) Hospitality services and recreational
facility income
a. Subscription and non-refundable
membership fee is recognised on
proportionate basis over the period of the
subscription/ membership.
b. Revenue from food and beverage is
recorded net of sales tax/value added tax
and discounts.
c. Sales of merchandise are stated net of goods
sold on consignment basis as agents.
d. Revenue from hotel operations and related
services is recognised net of discounts
and sales related taxes in the period in
which the services are rendered.
e. Income from golf operations, course
capitation, sponsorship etc is fixed and
recognised as per the agreement with
the parties, as and when services are
rendered.
f. Sale of cinema tickets is stated net of
discounts.
(vii) Life insurance
a) Premium is recognised as income when
due. Unallocated premium on lapsed
policies is not recognised as income
unless reinstated.
b) For linked business, premium income is
recognised when the associated units are
allocated. Top up premium (i.e. premium
paid in excess of annual target premium
as per policy contract) are recognised as
single premium. Fees on linked policies
including fund charges etc. are recovered
from the linked fund and recognised in
accordance with terms and conditions of
the policies.
c) Premium ceded is accounted at the
Notes to the Consolidated Financial Statements (Contd.)
127
time of recognition of premium income
in accordance with treaty or in principle
agreement with the reinsurers.
(viii) Others
a. Revenue from design and consultancy
services is recognised on percentage
of completion method to the extent it is
probable that the economic benefits will
flow to the group and the revenue can be
reliably measured.
b. Revenue in respect of maintenance
services is recognised on an accrual
basis, in accordance with the terms of the
respective contract.
c. Dividend income is recorded when the
right to receive the dividend is established
by the reporting date.
d. Service receipts and interest from
customers under agreements to sell is
accounted for on an accrual basis except
in cases where ultimate collection is
considered doubtful.
e. Interest income is accounted for on time
proportion basis taking into account the
amount outstanding and the applicable
rate of interest.
f. Share of profit/loss from firms in which
the Company is a partner is accounted
for in the financial year ending on (or
immediately before) the date of the
balance sheet.
j. Unbilled receivables
Unbilled receivables disclosed under note 19
– ‘Other Current Assets’ represents revenue
recognised based on percentage of completion
method (as per Para no. i(i) and i(ii) above), over
and above the amount due as per the payment
plans agreed with the customers.
k. Cost of revenues
i) Cost of constructed properties other
than SEZ projects, includes cost of land
(including cost of development rights/ land
under agreements to purchase), estimated
internal development costs, external
development charges, cost of development
rights, construction and development cost,
borrowing cost, construction materials,
which is charged to the statement of
profit and loss based on the percentage
of revenue recognised as per accounting
policy i(i)(a) above, in consonance with the
concept of matching costs and revenue.
Final adjustment is made on completion of
the applicable project.
For SEZ projects, cost of constructed
properties includes estimated internal
development costs, external development
charges, construction and development
cost, borrowing cost, construction materials,
which is charged to the statement of profit
and loss based on the percentage of
revenue recognised as per accounting
policy i(i)(b) above, in consonance with the
concept of matching costs and revenue.
Final adjustment is made on completion of
the applicable project.
ii) Cost of land and plots includes land
(including development rights), acquisition
cost, estimated internal development
costs and external development charges,
borrowing cost which is charged to the
statement of profit and loss based on the
percentage of land/plotted area in respect
of which revenue is recognised as per
accounting policy i(ii) above to the saleable
total land/ plotted area of the scheme, in
consonance with the concept of matching
cost and revenue. Final adjustment is made
on completion of the specific project.
l. Borrowing costs
Borrowing costs that are attributable to the
acquisition and/or construction of qualifying
assets are capitalized as part of the cost of such
assets, in accordance with Accounting Standard
16 “Borrowing Costs”. A qualifying asset is one
that necessarily takes a substantial period of time
to get ready for its intended use. Capitalisation
of borrowing costs is suspended in the period
during which the active development is delayed
128
due to, other than temporary, interruption.
All other borrowing costs are charged to the
statement of prot and loss as incurred.
m. Taxation
Tax expense comprises current income tax and
deferred tax and is determined and computed
at the standalone entity level. Current income
tax is measured at the amount expected to be
paid to the tax authorities in accordance with
the Indian Income Tax Act and in the overseas
branches / companies as per the respective tax
laws. Deferred income tax reects the impact of
current year timing differences between taxable
income and accounting income for the year and
reversal of timing differences of earlier years.
Deferred tax is measured based on the tax rates
and tax laws enacted or substantively enacted at
the balance sheet date. Deferred tax assets and
deferred tax liabilities across various countries
of operation are not set off against each other
as the company does not have a legal right to do
so. Deferred tax assets are recognised only to
the extent that there is reasonable certainty that
sufcient future taxable income will be available
against which such deferred tax assets can be
realised. In situations, where the Group entity
has unabsorbed depreciation or carry forward
tax losses, deferred tax assets are recognised
only if there is virtual certainty supported by
convincing evidence that they can be realised
against future taxable prots.
At each balance sheet date, the Group
re-assesses unrecognised deferred tax assets.
It recognises unrecognised deferred tax assets
to the extent that it has become reasonably
certain, as the case may be, that sufcient future
taxable income will be available against which
such deferred tax assets can be realised.
n. Lease transactions
a) Where a Group entity is the lessee
(i.e. Rent expense where properties/
equipments taken on lease)
Finance leases, which effectively transfer
to the lessee substantially all the risks
and benets incidental to ownership of
the leased item, are capitalized at the
lower of the fair value and present value
of the minimum lease payments at the
inception of the lease term and disclosed
as leased assets. Lease payments are
apportioned between the nance charges
and reduction of the lease liability based on
the implicit rate of return. Finance charges
are charged directly against income. Lease
management fees, legal charges and other
initial direct costs are capitalized.
If there is no reasonable certainty that the
Group entity will obtain the ownership by
the end of lease term, capitalized leased
assets are depreciated over the shorter of
the estimated useful life of the asset or the
lease term.
Leases, where the lessor effectively retains
substantially all the risks and benets of
ownership of the leased item, are classied
as operating leases. Operating lease
payments are recognised as an expense in
the statement of prot and loss on straight
line basis over the lease term.
b) Where a Group entity is the lessor
(i.e. Rent income where properties/
equipments given on lease)
Leases which effectively transfer to the
lessee substantially all the risks and
benets incidental to ownership of the
leased item are classied and accounted
for as nance lease.
Assets subject to operating leases are
included in xed assets/current assets/
investment properties. Lease income is
recognised in the statement of prot and
loss on a straight line basis over the lease
term. Costs, including depreciation are
recognised as an expense in the statement
of prot and loss. Initial direct costs such
as legal costs, brokerage costs etc are
recognised immediately in the statement
of prot and loss.
Notes to the Consolidated Financial Statements (Contd.)
129
o. Foreign currency transactions
a) Relating to Overseas entities
Indian Rupee (`) is the reporting currency
for the Group. However, reporting
currencies of certain non-integral overseas
subsidiaries are different from the reporting
currency of the Group. The translation
of local currencies into Indian Rupee
is performed for assets and liabilities
(excluding share capital, opening reserves
and surplus), using the exchange rate as
at the balance sheet date.
Revenues, costs and expenses are
translated using weighted average
exchange rate during the reporting period.
Share capital, opening reserves and
surplus are carried at historical cost. The
resultant currency translation exchange
gain/loss is carried as foreign currency
translation reserve under reserves and
surplus. Investments in foreign entities are
recorded at the exchange rate prevailing
on the date of making the investment.
Income and expenditure items of integral
foreign operations are translated at the
monthly average exchange rate of their
respective foreign currencies. Monetary
items at the balance sheet date are
translated using the rates prevailing on the
balance sheet date. Non - monetary assets
are recorded at the rates prevailing on the
date of the transaction.
b) Relating to Indian entities
Transactions in foreign currency are
accounted for at the exchange rate
prevailing on the date of the transaction.
All monetary items denominated in foreign
currency are converted into Indian Rupees
at the year-end exchange rate. Income
and expenditure of the overseas liaison
ofce is translated at the yearly average
rate of exchange. The exchange
differences arising on such conversion
and on settlement of the transactions are
recognised in the statement of prot and
loss.
In terms of the clarication provided by
Ministry of Corporate Affairs (“MCA”)
vide a Notication no. G.S.R.225(E) on
Accounting Standard - 11 “Changes in
Foreign Exchange Rates”, the exchange
differences on long term foreign currency
monetary items are adjusted in the cost of
depreciable capital assets.
p. Employee benets
Expenses and liabilities in respect of employee
benets are recorded in accordance with the
notied Accounting Standard 15 - Employee
Benets.
i) Provident fund
Certain entities of the group make contribution
to statutory provident fund trust setup in
accordance with the Employees’ Provident
Funds and Miscellaneous Provisions Act, 1952.
In terms of the Guidance on implementing
the revised AS - 15, issued by the Accounting
Standard Board of the Institute of Chartered
Accountants of India (ICAI), the provident fund
trust set up by the Company is treated as a
dened benet plan since the Company has to
meet the interest shortfall, if any. Accordingly,
the contribution paid or payable and the interest
shortfall, if any, is recognised as an expense in
the period in which services are rendered by the
employee.
Certain other entities of the Group make
contribution to the statutory provident fund in
accordance with the Employees Provident Fund
and Miscellaneous Provision Act, 1952 which
is a dened contribution plan and contribution
paid or payable is recognised as an expense in
the period in which the services are rendered.
ii) Gratuity
Gratuity is a post employment benefit and is
in the nature of a defined benefit plan. The
liability recognised in the balance sheet in
respect of gratuity is the present value of
130
the defined benefit/obligation at the balance
sheet date less the fair value of plan assets,
together with adjustments for unrecognised
actuarial gains or losses and past service
costs. The defined benefit/obligation are
calculated at or near the balance sheet date
by an independent actuary using the projected
unit credit method.
Actuarial gains and losses arising from
past experience and changes in actuarial
assumptions are credited or charged to the
statement of prot and loss in the year in which
such gains or losses are determined. For certain
consolidated entities, contributions made to an
approved gratuity fund (funded by contributions
to LIC under its group gratuity scheme) are
charged to revenue on accrual basis.
iii) Compensated absences
Liability in respect of compensated absences
becoming due or expected to be availed
within one year from the balance sheet date
is recognised on the basis of undiscounted
value of estimated amount required to be paid
or estimated value of benet expected to be
availed by the employees. Liability in respect
of compensated absences becoming due or
expected to be availed more than one year
after the balance sheet date is estimated on the
basis of an actuarial valuation performed by an
independent actuary using the projected unit
credit method.
Actuarial gains and losses arising from
past experience and changes in actuarial
assumptions are credited or charged to the
statement of prot and loss in the year in which
such gains or losses are determined.
iv) Superannuation benet
Superannuation is in the nature of a dened
benet plan. Certain entities make contributions
towards superannuation fund (funded by
payments to Life Insurance Corporation of India
under its Group Superannuation Scheme) which
is charged to revenue on accrual basis.
v) Cash settled options
Accounting value of cash settled options granted
to employees under the employees shadow/
phantom option scheme is determined on the
basis of intrinsic value representing the excess
of the average market price, during the month
before the reporting date, over the exercise
price of the shadow option. The same is
charged as employee benets over the vesting
period, in accordance with Guidance Note 18
‘Share Based Payments’, issued by the Institute
of Chartered Accountants of India (ICAI).
vi) Other short term benets
Expense in respect of other short term benets
is recognised on the basis of the amount paid or
payable for the period during which services are
rendered by the employee.
vii) Overseas entities
Post employment benets
Dened contribution
Payments to dened contribution retirement
benet plans are charged as an expense
as they fall due. Payments made to
state-managed retirement benet schemes,
such as the Singapore Central Provident
Fund, are dealt with as payments to dened
contribution plans where the Group’s
obligations under the plans are equivalent
to those arising in a dened contribution
retirement benet plan.
Dened benet liability
Management estimates the dened benet
liability annually. The actual outcome may vary
due to estimation uncertainties. The estimate
of its dened benet liability is based on
standard rates of ination, medical cost trends
and mortality. It also takes into account the
Group’s specic anticipation of future salary
increases. Discount factors are determined
close to each year-end by reference to high
quality corporate bonds that are denominated
in the currency in which the benets will be paid
and that have terms to maturity approximating
to the terms of the related pension liability.
Notes to the Consolidated Financial Statements (Contd.)
131
Estimation uncertainties exist particularly with
regard to medical cost trends, which may vary
signicantly in future appraisals of the Group’s
dened benet obligations.
Employee leave entitlement
Employee entitlements to annual leave are
recognised when they accrue to employees.
A provision is made for the estimated liability
for annual leave as a result of services
rendered by employees up to the balance
sheet date.
q. Employee Stock Option Plan (ESOP)
The accounting value of stock options is
determined on the basis of ‘intrinsic value’
representing the excess of the market price on
the date of the grant over the exercise price of
the shares granted under the ‘Employee Stock
Option Scheme’ of the parent Company, and is
amortised as ‘Deferred employee compensation’
on a straight line basis over the vesting period
in accordance with the SEBI (Employee Stock
Option Scheme and Employee Stock Purchase
Scheme) Guidelines, 1999 and Guidance Note 18
‘Share Based payments’, issued by the Institute
of Chartered Accountants of India (ICAI).
r. Impairment of assets
Goodwill
Goodwill is tested for impairment on an annual
basis. If on testing, any impairment exists, the
carrying amount of Goodwill is reduced to the
extent of any impairment loss and such loss is
recognised in the statement of profit and loss.
Other assets
At each balance sheet date, the Group
assesses whether there is any indication based
on internal/external factors, that an asset may
be impaired. If any such indication exists, the
Group estimates the recoverable amount of the
asset. If such recoverable amount of the asset or
the recoverable amount of the cash generating
unit to which the asset belongs is less than its
carrying amount, the carrying amount is reduced
to its recoverable amount and the reduction is
treated as an impairment loss and is recognised
in the statement of profit and loss. If at the
balance sheet date there is an indication that a
previously assessed impairment loss no longer
exists, the recoverable amount is reassessed
and the asset is reflected at the recoverable
amount subject to a maximum of depreciated
historical cost and is accordingly reversed in the
statement of profit and loss.
s. Contingent liabilities and provisions
The Group makes a provision when there is a
present obligation as a result of a past event
where the outow of economic resources is
probable and a reliable estimate of the amount
of obligation can be made. Possible future
obligations or present obligations that may but
will probably not require outow of resources or
where the same cannot be reliably estimated,
is disclosed as contingent liabilities in the
consolidated nancial statements.
t. Earnings per share
Basic earnings per share is calculated by
dividing the net prot or loss for the period
attributable to equity shareholders (after
deducting preference dividends and attributable
taxes) by the weighted average number of
equity shares outstanding during the period.
The weighted average number of equity shares
outstanding during the period is adjusted for
events including a bonus issue, bonus element
in a rights issue to existing shareholders, share
split, and reverse share split (consolidation of
shares).
For the purpose of calculating diluted earnings
per share, the net prot or loss for the period
attributable to equity shareholders and the
weighted average number of shares outstanding
during the period are adjusted for the effects of
all dilutive potential equity shares. The period
during which, number of dilutive potential equity
shares change frequently, weighted average
number of shares are computed based on a
mean date in the quarter as impact is immaterial
on earnings per share.
132
Notes to the Consolidated Financial Statements (Contd.)
(` in lac)
2013 2012
2. SHARE CAPITAL *
Authorised capital
Equity shares #
2,497,500,000 (previous year 2,497,500,000) equity shares 49,950.00 49,950.00
49,950.00 49,950.00
Preference shares #
50,000 (previous year 50,000) cumulative redeemable preference shares 50.00 50.00
Issued and subscribed capital
Equity shares #
1,706,401,324 (previous year 1,706,263,533) equity shares 34,128.03 34,125.27
34,128.03 34,125.27
Preference shares issued by subsidiary companies
1,79,908,742 (previous year 1,79,908,742) 9% cumpulsorily convertible
preference shares
179,908.74 179,908.74
8,000 (previous year 8,000) 9% non cumulative redeemable preference shares 8.00 8.00
3,200 (previous year 3,200) 12% non cumulative redeemable preference shares 3.20 3.20
179,919.94 179,919.94
214,047.97 214,045.21
Paid-up capital
Equity shares #
1,698,719,077 (previous year 1,698,385,719) equity shares 33,974.38 33,967.71
Preference shares issued by subsidiary companies
1,79,908,742 (previous year 1,79,908,742) 9% cumpulsorily convertible
preference shares
179,908.74 179,908.74
8,000 (previous year 8,000) 9% non cumulative redeemable preference shares 8.00 8.00
3,200 (previous year 3,200) 12% non cumulative redeemable preference shares 3.20 3.20
179,919.94 179,919.94
213,894.32 213,887.65
* equity shares of ` 2 each and preference shares of ` 100 each
#pertains to DLF Limited only
a) Reconciliation of shares outstanding at the beginning and at the end of the year
2013 2012
Equity shares No. of shares ` in lac No. of shares ` in lac
At the beginning of the year 1,698,385,719 33,967.71 1,697,571,794 33,951.44
shares issued on exercise of Employee Stock
Option Plan (ESOP)
333,358 6.67 813,925 16.27
At the end of the year 1,698,719,077 33,974.38 1,698,385,719 33,967.71
Preference shares
At the beginning of the year 179,919,942 179,919.94 181,026,142 181,026.14
Redeemed during the year - - (1,106,200) (1,106.20)
At the end of the year 179,919,942 179,919.94 179,919,942 179,919.94
133
b) Rights / preferences / restrictions attached to equity shares
The Company has only one class of equity shares having a par value of ` 2 per share. Each holder
of equity shares is entitled to one vote per share. The Company declares and pays dividends in
Indian Rupees. The dividend proposed by the Board of Directors is subject to the approval of the
shareholders in the ensuing Annual General Meeting, except interim dividend.
In the event of liquidation of the Company, the holders of equity shares will be entitled to receive
remaining assets of the company, after distribution of all preferential amounts, if any. The distribution
will be in proportion to the number of equity shares held by the shareholders.
During the year ended March 31, 2013, the amount of proposed final dividend recognised as distributions
to equity shareholders was ` 2 per share (March 31, 2012 : ` 2 per share). The dividend proposed for
the current year also includes provision taken for shares alloted subsequent to the year end under the
Institutional Placement Programme (‘IPP’).
c) Terms of conversion / redemption of preference shares
i) 3,000 (previous year 3,000), 12% non cumulative redeemable preference shares of ` 100 each
issued by Digital Talkies Private Limited, a subsidiary company, shall be redeemable at par on or
before April 14, 2024.
ii) 8,000 (previous year 8,000), 9% non cumulative redeemable preference shares of ` 100 each
issued by DLF Emporio Limited (formerly Regency Park Property Management Services Limited)
and Galleria Property Management Services Limited, subsidiary companies, shall be redeemable
on or before J anuary 22, 2023.
iii) 200 (previous year 200), 12% non cumulative redeemable preference shares of ` 100 each
issued by DLF Emporio Limited (formerly Regency Park Property Management Services Limited)
and Galleria Property Management Services Private Limited, subsidiary companies, shall be
redeemable on or before December 11, 2022.
iv) 20,208,743 (previous year 20,208,743), 9% compulsorily convertible preference shares ` 100 each
issued by DLF Assets Private Limited, a subsidiary company, shall be compulsorily convertible into 10
equity shares of face value of ` 10 each at par, convertible on December 09, 2019.
v) 159,699,999 (previous year 159,699,999) 9% cumulative compulsorily convertible preference
shares of ` 100 each (CCPS) issued by DLF Cyber City Developers Limited, a subsidiary
company. Each CCPS shall be compulsorily convertible into equity shares of face value of ` 10
each at premium in one or more tranches on or after April 1, 2011, but not later than 5 years from
the date of allotment, at the option of the preference share holders.
d) Details of shareholders holding more than 5% equity shares in the Company
As on March 31, 2013 As on March 31, 2012
No. of shares % holding No. of shares % holding
Equity shares of ` 2 each fully paid up
Panchsheel Investment Company 312,110,500 18.37 306,759,200 18.06
Sidhant Housing and Development Company 237,209,700 13.96 235,340,000 13.86
Kohinoor Real Estate Company 95,353,400 5.61 91,869,600 5.41
Madhur Housing and Development Company 93,819,600 5.52 91,823,200 5.41
Yashika Properties and Development Company 92,080,400 5.42 90,978,800 5.36
Mallika Housing Company LLP (formerly Mallika
Housing Company)
90,992,000 5.36 90,992,000 5.36
Prem Traders Private Limited (formerly Prem Traders
& Investments Private Limited)
90,059,200 5.30 90,059,200 5.30
134
Notes to the Consolidated Financial Statements (Contd.)
e) Aggregate number of bonus shares issued, share issued for consideration other than cash
and shares bought back during the period of ve years immediately preceding the date March
31, 2013
i) Shares bought back during the nancial year 2008-09 to 2012-13
7,638,567 (during FY 2007-08 to 2011-12: 7,638,567) equity shares of ` 2 each bought back
pursuant to Section 77A of the Companies Act, 1956.
ii) Shares issued under Employee Stock Option Plan (ESOP) during the nancial year
2008-09 to 2012-13
The Company has issued total 1,568,644 equity shares of ` 2 each (during FY 2007-08 to 2011-
12: 1,235,286 equity shares) during the period of ve years immediately preceding March 31,
2013 on exercise of options granted under the Employee Stock Option Plan (ESOP).
f) Shares reserved for issue under options
For details of shares reserved for issue under the Employee Stock Option Plan (ESOP) of the
Company, please refer note 34.
(` in lac)
2013 2012
3. RESERVES AND SURPLUS
Capital reserve
Balance as per last balance sheet 234,631.43 231,223.79
On sale of subsidiaries (3,432.29) -
On account of foreign exchange - 3,407.64
231,199.14 234,631.43
Capital redemption reserve
Balance as per last balance sheet 4,862.16 6,227.68
Amount transferred from general reserve during the year 2.27 -
Decrease due to dilution of stake in a subsidiary - (1,365.52)
4,864.43 4,862.16
Debenture redemption reserve
Balance as per last balance sheet 163,918.11 110,918.11
Amount transferred from statement of prot and loss during the year - 53,000.00
163,918.11 163,918.11
Forfeiture of shares
Balance as per last balance sheet 66.55 66.55
Securities premium account
Balance as per last balance sheet 934,785.20 920,350.93
Additions on ESOP exercised 1,384.67 3,907.87
Premium received on issue of shares by the subsidiary companies 13,934.02 10,526.40
950,103.89 934,785.20
135
(` in lac)
2013 2012
3. RESERVES AND SURPLUS (CONTD.)
Revaluation reserve
Balance as per last balance sheet 7,392.98 2,617.10
Revaluation reserve during the year 4,674.41 4,775.88
12,067.39 7,392.98
Amalgamation reserve - 15.00
Foreign currency translation reserve
Balance as per last balance sheet (489.04) (10,526.14)
Translation reserve during the year 55.12 10,037.10
(433.92) (489.04)
General reserve
Balance as per last balance sheet 88,662.50 80,202.62
Amount transferred from statement of prot and loss during the year 5,070.54 10,454.92
Amount transferred to capital redemption reserve during the year (2.27) -
Amalgamation adjustment - (207.77)
Decrease due to dilution of stake in a subsidiary - (1,787.27)
93,730.77 88,662.50
Employee stock options outstanding
Gross employee stock compensation for options granted 20,092.36 21,836.28
Less : deferred employee stock compensation (3,190.50) (6,799.26)
16,901.86 15,037.02
Statement of Prot and Loss
Balance as per last balance sheet 1,060,821.69 1,062,096.62
Add : Prot for the year 71,191.91 120,081.97
Less : Appropriations
Transfer to debenture redemption reserve - (53,000.00)
Transfer to amalgamation reserve - (15.00)
Transfer to general reserve (5,070.54) (10,454.92)
Amalgamation adjustment - 360.70
Proposed equity / preference dividend (51,799.32) (50,164.72)
Tax on proposed equity / preference dividend (8,687.46) (8,082.96)
Net surplus in the statement of prot and loss 1,066,456.28 1,060,821.69
Total reserves and surplus 2,538,874.50 2,509,703.60
(` in lac)
4. LONG TERM BORROWINGS
Non current Current maturities
2013 2012 2013 2012
Secured
10% Non cumulative non redeemable debentures 0.90 0.90 - -
Non convertible redeemable debentures - 142,000.00 142,000.00 100,000.00
Term loans
Foreign currency loan
From banks 247,885.65 241,768.83 - -
136
Notes to the Consolidated Financial Statements (Contd.)
4. LONG TERM BORROWINGS (CONTD.)
Non current Current maturities
2013 2012 2013 2012
Rupee loan
From banks 724,263.49 755,621.30 284,125.35 284,746.24
From others 493,719.61 447,147.28 141,372.12 99,513.97
Buyers’ credit in foreign currency from banks - 4,573.64 4,862.66 -
Vehicle loan from banks 26.35 126.82 31.37 28.33
1,465,896.00 1,591,238.77 572,391.51 484,288.54
Unsecured
Convertible debentures 85,340.53 87,860.53 - -
Term loans
Foreign currency loan
From others 2,788.00 2,632.50 - -
Long term maturities of nance lease obligations 128.57 684.54 - -
88,257.10 91,177.57 - -
1,554,153.10 1,682,416.34 572,391.51 484,288.54
Amount disclosed under other current liabilities as
“Current maturities of long term borrowings”
(refer note 9)
- - 572,391.51 484,288.54
1,554,153.10 1,682,416.34 - -
a) Secured debentures - listed, secured, redeemable, non convertible debentures of ` 1,000,000
each referred above to the extent of
(i) ` 72,000 lac are secured by way of pari passu charge on the immovable properties situated at
Gurgaon, owned by subsidiary companies. Coupon rate of these debentures is 14% and date of
redemption is February 24, 2014.
(ii) ` 50,000 lac are secured by way of pari passu charge on the immovable property situated at
Gurgaon, owned by a subsidiary company. Coupon rate of these debentures is 13.70% and date
of redemption is August 18, 2013.
(iii) ` 20,000 lac are secured by way of pari passu charge on the immovable property situated at
Gurgaon, owned by the Company/subsidiary company and corporate guarantee of subsidiary
company. Coupon rate of these debentures is 10.24% and date of redemption is May 18,
2013.
b) Term loans from banks are secured by way of
(i) Equitable mortgage of immovable properties owned by the Company/subsidiary/group companies.
(ii) Equitable mortgage on land underneath windmills and exclusive charge on movable assets and
receivables of windmills owned by the Company/ subsidiary/ group companies.
(iii) Negative lien over immovable properties and assignment of lease rentals in respect of certain
immovable properties owned by the Company.
(iv) Charge on receivables pertaining to the aforesaid immovable properties owned by the Company/
subsidiary companies.
(v) Charge on xed and current assets of a subsidiary company.
(vi) Pledge over the shareholding of certain subsidiary company.
(vii) Charge on xed and movable xed assets of the power division of a subsidiary company.
(` in lac)
137
c) Term loans from others are secured by way of
(i) Equitable mortgage of immovable properties owned by the subsidiary/group companies.
(ii) Negative lien on rights under the concession agreements pertaining to certain immovable properties.
(iii) First and exclusive charge by way of hypothecation on assets viz Aircraft and Helicopter owned
by the Company.
(iv) Negative lien over immovable properties and assignment of lease rentals in respect of certain
immovable properties owned by the Company.
(v) Charge on receivables pertaining to the aforesaid immovable properties owned by the Company/
subsidiary companies/ group companies.
d) Vehicle loans including current maturities are secured by way of hypothecation on assets, thus
purchased.
e) Unsecured convertible debentures
(i) ` 45,261 lac, 12.50% compulsory convertible debentures of ` 225,000 each, issued by subsidiary
company, are convertible into equity shares of ` 10 each on the expiry of 7 years from the date
of their respective allotment.
(ii) ` 11,486 lac, 12% compulsory convertible debentures of ` 50,000 each, issued by subsidiary
company, are convertible into equity shares of ` 10 each on the expiry of 6 years from the date
of their respective allotment.
(iii) ` 9,615.75 lac 12.50% compulsory convertible debentures of ` 75,000 each, issued by subsidiary
company, are convertible into equity shares of ` 10 each on the expiry of 7 years from the date
of their respective allotment.
(iv) ` 4,794.08 lac 12.50% compulsory convertible debentures of ` 27,500 each, issued by subsidiary
company, are convertible into equity shares of ` 10 each on the expiry of 7 years from the date
of their respective allotment.
(v) ` 14,183.70 lac compulsory convertible debentures Series I of ` 1,000 each, issued by subsidiary
company, convertible into 1 Class B equity share of ` 10 each at a premium of ` 990 after 17 years
from the date of respective allotment. Interest is payable at the lower of (i) the rate of 15% per
annum, or (ii) the maximum rate of SBI PLR plus 300 basis point (on the date of board meeting in
which CCDs were issued) and shall start accruing from the 3rd anniversary of the date of issue.
(` in lac)
2013 2012
5. OTHER LONG-TERM LIABILITIES
Trade Payables 94,389.28 122,054.67
Advance from recreational facility members 8,428.75 6,526.57
Security deposits 121,422.29 103,597.18
224,240.32 232,178.42
(` in lac)
6. PROVISIONS
Long-term Short-term
2013 2012 2013 2012
Provision for employee benets 6,316.68 4,851.95 2,390.51 2,380.51
Provision for dividend - - 39,206.14 37,569.81
Provision for tax on dividend - - 6,635.83 6,096.35
138
Notes to the Consolidated Financial Statements (Contd.)
(` in lac)
6. PROVISIONS
Long-term Short-term
2013 2012 2013 2012
Provision for taxation (net of advance tax) - - 17,385.51 27,797.04
Provision for others - - 1,336.67 1,621.31
6,316.68 4,851.95 66,954.66 75,465.02
(` in lac)
2013 2012
7. SHORT-TERM BORROWINGS
Secured
Overdraft facility
From banks 15,128.89 24,538.95
Short term loans
Foreign currency loan
From banks 17,797.81 20,210.39
Rupee loan
From banks 277,629.19 250,127.77
From others 2.18 -
Buyers’ credit in foreign currency from banks 7,175.04 17,526.18
317,733.11 312,403.29
Unsecured
Short term loans
From others 12,347.73 17,366.45
From directors 15,000.00 -
Buyers’ credit in foreign currency from banks 8,491.55 10,104.71
35,839.28 27,471.16
353,572.39 339,874.45
Security for the short term borrowings
(i) Equitable mortgage of immovable properties owned by the Company/ subsidiary companies/ partnership rm.
(ii) Charge on certain plant and machinery of a subsidiary company.
(iii) Charge on xed and current assets of a subsidary company.
(iv) Charge on current assets of the power division of a subsidiary company.
(v) Charge on receivables pertaining to the aforesaid immovable properties owned by the Company/ subsidiary companies/ partnership rm.
(` in lac)
2013 2012
8. TRADE PAYABLES
Amount payable to contractors / suppliers / others 269,813.63 258,070.34
269,813.63 258,070.34
(` in lac)
2013 2012
9. OTHER CURRENT LIABILITIES
Current maturities of long-term borrowings (refer note 4) 572,391.51 484,288.54
Current maturities of nance lease obligations 12.68 -
Interest accrued but not due on borrowings 23,102.83 22,696.46
Interest accrued and due on borrowings 10.66 128.13
Income received in advance 7,783.71 7,340.42
Uncashed dividends* 286.40 243.48
Realisation under agreement to sell 398,206.63 307,153.27
Registration charges 30,866.23 20,281.69
Security deposits from recreational facility members 3,263.25 2,677.85
Security deposit 10,515.93 10,633.57
(CONTD.)
139
(` in lac)
2013 2012
9. OTHER CURRENT LIABILITIES (CONTD.)
Statutory dues and others 17,220.90 17,297.67
Other liabilities 130,994.09 107,689.34
1,194,654.82 980,430.42
* Not due for credit to ‘Investor Education and Protection Fund’
(` in lac)
10. FIXED ASSETS
Additions during the year Deletions during the year
Particulars 2012 Additions on
acquisition of
subsidiaries
Additions/
adjustments
Foreign
exchange /
revaluation
Deletions on
disposal of
subsidiaries
Disposals/
Adjustments
2013
GROSS BLOCK
TANGIBLE ASSETS
OWN ASSETS
Land # 258,969.55 - 5,768.52 2,592.80 - 36,609.92 230,720.95
Buildings and related
equipments
319,591.42 - 5,392.86 6,053.24 - 1,549.95 329,487.57
Plant and machinery # 304,277.25 - 11,715.49 1,079.62 5.09 20,939.46 296,127.81
Furniture and xtures 28,502.82 - 2,150.24 699.66 18.92 700.59 30,633.21
Ofce equipments 5,221.26 - 804.15 - 8.08 117.81 5,899.52
Air conditioners and
coolers
219.09 - 9.07 - 2.79 6.34 219.03
Vehicles* 3,501.58 - 1,612.47 - - 352.20 4,761.85
Leasehold improvement 9,374.77 - 1,381.32 - - 1,199.67 9,556.42
Aircraft and helicopter 20,524.27 - - - - - 20,524.27
Sub-Total 950,182.01 - 28,834.12 10,425.32 34.88 61,475.94 927,930.63
LEASED ASSETS
Land # 82,638.02 - - - - 41.11 82,596.91
Buildings and related
equipments
1,053,828.30 - 23,787.47 - - 397.40 1,077,218.37
Plant and machinery 387.18 - 248.84 - - - 636.02
Furniture and xtures 29,915.81 - 1,791.17 - - 194.44 31,512.54
Vehicles* 39.91 - - - - - 39.91
Sub-Total 1,166,809.22 - 25,827.48 - - 632.95 1,192,003.75
Total (A) 2,116,991.23 - 54,661.60 10,425.32 34.88 62,108.89 2,119,934.38
INTANGIBLE ASSETS
Software 4,757.09 - 407.33 2.00 - 18.17 5,148.25
Rights under build, own,
operate and transfer
project:
On building for
commercial space
constructed on
leasehold land
971.79 - 1,309.87 - - - 2,281.66
On plant and
machinery and
structure installed for
multi-level automated
car parking in building
constructed on
leasehold land
6,774.80 - 11,410.84 - - 0.76 18,184.88
140
10. FIXED ASSETS (CONTD.)
Additions during the year Deletions during the year
Particulars 2012 Additions on
acquisition of
subsidiaries
Additions/
adjustments
Foreign
exchange /
revaluation
Deletions on
disposal of
subsidiaries
Disposals/
Adjustments
2013
Total (B) 12,503.68 - 13,128.04 2.00 - 18.93 25,614.79
Total - Current year
(A+B)
2,129,494.91 - 67,789.64 10,427.32 34.88 62,127.82 2,145,549.17
- Previous year 1,982,772.76 1,738.39 193,347.41 17,800.66 41,964.37 24,199.94 2,129,494.91
DEPRECIATION / AMORTISATION
TANGIBLE ASSETS
OWN ASSETS
Land 91.97 - 13.89 - - 33.57 72.29
Buildings and related
equipments
26,353.59 - 10,042.73 - - 3,218.16 33,178.16
Plant and machinery 117,263.34 - 27,055.43 - 2.31 11,172.68 133,143.78
Furniture and xtures 7,954.81 - 2,713.03 - 14.73 243.29 10,409.82
Ofce equipments 2,375.83 - 462.55 - 1.98 56.45 2,779.95
Air conditioners and
coolers
89.73 - 7.67 - 0.76 1.45 95.19
Vehicles 1,591.32 - 427.71 - - 200.47 1,818.56
Leasehold
improvements
3,043.70 - 921.70 - - 544.80 3,420.60
Aircraft and helicopter 4,967.68 - 1,149.36 - - - 6,117.04
Sub-Total 163,731.97 - 42,794.07 - 19.78 15,470.87 191,035.39
LEASED ASSETS
Land 364.41 - 77.06 - - - 441.47
Buildings and related
equipments
80,243.12 - 26,569.84 - - 8.34 106,804.62
Plant and machinery 7.06 - 25.33 - - - 32.39
Furniture and xtures 10,691.28 - 3,812.12 - - 13.89 14,489.51
Vehicles 39.90 - - - - - 39.90
Sub-Total 91,345.77 - 30,484.35 - - 22.23 121,807.89
Total (A) 255,077.74 - 73,278.42 - 19.78 15,493.10 312,843.28
INTANGIBLE ASSETS
Software 3,012.01 - 977.22 - - 9.46 3,979.77
Rights under build, own,
operate and transfer
project:
On building for
commercial space
constructed on
leasehold land
- - 8.26 - - - 8.26
On plant and
machinery and
structure installed for
multilevel automated
car parking in building
constructed on
leasehold land
0.45 - 64.11 - - - 64.56
Total (B) 3,012.46 - 1,049.59 - - 9.46 4,052.59
Total - Current year
(A+B)
258,090.20 - 74,328.01* - 19.78 15,502.56 316,895.87
- Previous year 195,561.93 456.03 74,515.76 17.54 3,093.15 9,367.91 258,090.20
* Includes depreciation capitalised
(` in lac)
Notes to the Consolidated Financial Statements (Contd.)
141
10. FIXED ASSETS (CONTD.)
Additions during the year Deletions during the year
Particulars 2012 Additions on
acquisition of
subsidiaries
Additions/
adjustments
Foreign
exchange /
revaluation
Deletions on
disposal of
subsidiaries
Disposals/
Adjustments
2013
NET BLOCK
TANGIBLE ASSETS
OWN ASSETS
Land # 258,877.58 230,648.66
Buildings and related
equipments
293,237.83 296,309.41
Plant and machinery # 187,013.91 162,984.03
Furniture and xtures 20,548.01 20,223.39
Ofce equipments 2,845.43 3,119.57
Air conditioners and
coolers
129.36 123.84
Vehicles 1,910.26 2,943.29
Leasehold
improvements
6,331.07 6,135.82
Aircraft and helicopter 15,556.59 14,407.23
Sub-Total 786,450.04 736,895.24
LEASED ASSETS
Land # 82,273.61 82,155.44
Buildings and related
equipments
973,585.18 970,413.75
Plant and machinery 380.12 603.63
Furniture and xtures 19,224.53 17,023.03
Vehicles 0.01 0.01
Sub-Total 1,075,463.45 1,070,195.86
Total (A) 1,861,913.49 1,807,091.10
INTANGIBLE ASSETS
Software 1,745.08 1,168.48
Rights under build, own,
operate and transfer
project:
On building for
commercial space
constructed on
leasehold land
971.79 2,273.40
On plant and
machinery and
structure installed for
multilevel automated
car parking in building
constructed on
leasehold land
6,774.35 18,120.32
Total (B) 9,491.22 21,562.20
Total - Current year
(A+B)
1,871,404.71 1,828,653.30
- Previous year 1,787,210.83 1,871,404.71
Capital work-in-
progress
887,362.69 773,596.11
Intangible assets
under development:
(` in lac)
142
10. FIXED ASSETS (CONTD.)
Additions during the year Deletions during the year
Particulars 2012 Additions on
acquisition of
subsidiaries
Additions/
adjustments
Foreign
exchange /
revaluation
Deletions on
disposal of
subsidiaries
Disposals/
Adjustments
2013
Rights under build, own,
operate and transfer
project:
Building, plant and
machinery and
structure installed for
multilevel automated
car parking in building
constructed on
leasehold land
11,793.00 9,828.14
Software under
development
125.18 7.59
11,918.18 9,835.73
* Vehicles are taken on nance lease; monthly installments are paid as per agreed terms and conditions.
# This includes assets (Gross and net book value as on March 31, 2013 is ` 128,930.39 lac and ` 63,612.26 lac respectively), being
used for windmill operations. Also, refer note 43.
1. For assets given on lease refer note 33.
2. For details of intangible assets and amortisation refer note 1(f)(ii).
11. NON-CURRENT INVESTMENTS
2013 2012
Nos. Book value
(` in lac)
Nos. Book value
(` in lac)
a) Investment property 3,432.91 3,469.76
b) Investment in equity instruments*
Quoted (trade) at cost
In other body corporates
Hubtown Limited 430,621 2,267.55 430,621 2,267.55
Symphony International Holding Limited 16,530,000 8,990.55 50,000,000 25,578.25
Aggregate book value of quoted investments (trade) 11,258.10 27,845.80
Aggregate market value of quoted investments (trade) 8,514.56 15,295.79
Unquoted (trade) at cost
In other body corporates
Abheek Real Estate Private Limited - - 3,000 0.30
Alankrit Estates Limited 3 -** 3 -**
Anuroop Builders and Developers Private Limited - - 10,000 1.00
ASC Spring Creek LLC 3,253,277 -** 3,253,277 -**
Beverly Park Operation and Maintenance Services LLP
(formerly Beverly Park Operation and Maintenance
Services Private Limited)
- - 59 4.03
Prem Traders Private Limited (formerly Prem Traders &
Investments Private Limited)
- - 3 1.64
Carnoustie Management Private Limited 40,000 600.00 40,000 600.00
D.E. Shaw Composite Fund 4,000,000 2,175.57 4,000,000 2,046.23
DLF Brands Limited 8,000,000 800.00 8,000,000 800.00
Felicite Builders & Constructions Private Limited 203,000 20.30 203,000 20.30
Garv Developers Private Limited - - 10,000 1.00
Garv Promoters Private Limited - - 10,000 1.00
Garv Realtors Private Limited - - 10,000 1.00
Grism Builders and Developers Private Limited - - 10,000 1.00
Hemadri Real Estate Developers Private Limited - - 3,000 0.30
(` in lac)
Notes to the Consolidated Financial Statements (Contd.)
143
11. NON-CURRENT INVESTMENTS (CONTD.)
2013 2012
Nos. Book value
(` in lac)
Nos. Book value
(` in lac)
Indore Dewas Tollways Limited 23,995 2.40 23,995 2.40
J ayanti Real Estate Developers Private Limited - - 4,000 0.40
HKR Tollways Limited 21,660 2.17 21,660 2.17
Kirtimaan Builders Limited 2 - ** 2 - **
Kokolath Builders & Developers Private Limited - - 4,000 0.40
Luvkush Builders Private Limited - - 10,000 1.00
Luxurious Bus Seats Company Private Limited 98,250 550.20 98,250 550.20
Mohak Real Estate Private Limited - - 3,000 0.30
Nadish Real Estate Private Limited - - 10,000 1.00
Northern India Theaters Private Limited (` 100 each) 90 0.09 90 0.09
Nairne Builders & Developers Private Limited - - 2,000 0.20
Pariksha Builders & Developers Private Limited - - 3,000 0.30
Parvati Estates Private Limited - - 8 1.01
Peace Buildcon Private Limited - - 10,000 1.00
Prudent Management Strategies Private Limited 90,100 500.06 90,100 500.06
Radiant Sheet Metal Components Private Limited 98,500 650.10 98,500 650.10
Realest Builders and Services Private Limited 50,012 5.03 50,012 5.03
Ripple Infrastructure Private Limited 90,100 500.06 90,100 500.06
SKH Construct Well Private Limited 92,550 499.77 92,550 499.77
SKH Infrastructure Developers Private Limited 92,550 499.77 92,550 499.77
Skyrise Home Developers Private Limited - - 10,000 1.00
Unicorn Real Estates Private Limited - - 3,000 0.30
Ujagar Estates Limited 2 -** 2 -**
Urbana Limited 1,000,000 -** 1,000,000 709.08
Vinesh Home Developers Private Limited - - 10,000 1.00
Vismay Builders & Developers Private Limited - - 10,000 1.00
6,805.52 7,405.45
Less : Provision for diminution in value 2,480.20 1,776.41
4,325.32 5,629.04
In associates (trade) at cost
Australian Resort Limited 9,000,002 -** 9,000,002 -**
Designplus Architecture Private Limited 125,000 5,000.00 - -
Eila Builder & Developers Private Limited 200,250,000 2,002.50 - -
Galaxy Mercantiles Limited 32,486 47.33 32,486 47.33
Island Aviation Inc 903,996 -** 903,996 -**
J oyous Housing Limited (` 100 each) 37,500 37.50 37,500 37.50
Kyoto Resorts YK - - 333 827.20
P.T. J awa Express Amanda Indah 9,161 - ** 9,161 - **
Pamalican Island Holdings Inc 2,098 7.42 2,098 6.98
Pamalican Resorts Inc 2,500 - ** 2,500 - **
Pansea Tourism Company Limited 29,994 - ** 29,994 - **
Regional D & R Limited 6 - ** 6 - **
Revlys SA 159,999 1,182.79 159,999 1,112.49
Seven Seas Resorts and Leisure Inc 31,914,275 924.62 31,914,275 869.66
Surin Bay Co. Limited 449,998 5,093.89 449,998 4,751.92
Villajena 50,000 230.07 50,000 216.39
Rapid Metrorail Gurgaon Limited 27,083 2.71 27,083 2.71
14,528.83 7,872.18
144
11. NON-CURRENT INVESTMENTS (CONTD.)
2013 2012
Nos. Book value
(` in lac)
Nos. Book value
(` in lac)
Add: Prot in associates (net) *** 6,852.37 4,688.10
21,381.20 12,560.28
In shares quoted (non trade)
ACC Limited 6,650 77.09 - -
Ambuja Cements Limited 300 0.21 300 0.21
Asian Paints Limited 2,306 113.33 - -
Axis Bank Limited 19,753 256.93 14,175 162.43
Bajaj Auto Limited 2,999 52.94 11,800 197.51
Bank of Baroda 10,334 69.80 6,410 50.87
Bank Of India 17,670 53.45 - -
Bharat Heavy Electricals Limited 38,568 68.25 38,568 99.10
Bharat Petroleum Corporation Limited 29,083 109.85 8,703 60.86
Bharti Airtel Limited 90,108 262.89 97,379 327.92
BGR Energy Systems Limited - - 5,967 19.50
Cadila Healthcare Limited - - 2,996 22.72
Cairn India Limited 49,693 135.24 - -
Chambal Fertilisers & Chemicals Limited 500 0.20 500 0.20
Cipla Limited - - 47,130 143.53
Coal India Limited 21,364 66.04 60,177 206.47
Dish TV India Limited 200,924 134.72 263,782 168.42
Dr. Reddy’s Laboratories Limited 11,925 210.63 10,990 193.28
EIH Limited 250 0.22 250 0.22
GAIL (India) Limited 17,615 56.06 17,390 65.20
Geo Services India Limited 1,000 -** 1,000 -**
Godrej Consumer Products Limited 17,874 139.06 19,752 94.74
Grasim Industries Limited 3,809 107.10 1,034 27.16
Great Eastern Shipping Company Limited - - 62,374 152.07
Havells India Limited 8,507 54.77 - -
HCL Technologies Limited - - 14,972 72.22
HDFC Bank Limited 106,803 666.56 123,137 640.13
Hero Motocorp Limited 4,862 74.97 - -
Hexaware Technologies Limited 161,367 136.44 - -
Hindalco Industries Limited 121,889 111.53 56,498 73.11
Hindustan Unilever Limited 49,839 232.30 73,124 299.74
Housing Development Finance Corporation Limited 69,479 573.72 50,400 339.34
ICICI Bank Limited 95,128 994.28 58,737 521.14
ING Vysya Bank Limited - - 56,554 200.82
IRB Infrastructure Developers Limited 47,789 54.22 106,824 198.96
ITC Limited 356,134 1,100.75 345,130 782.93
Infosys Limited 32,949 952.01 27,466 786.89
Infrastructure Development Finance Company Limited 117,582 168.85 - -
J ain Irrigation Systems Limited 183 0.01 175 0.01
J BF Industries Limited 19,546 19.44 83,153 92.34
J aiprakash Associates Limited 180,380 118.06 51,830 42.29
J indal Steel & Power Limited 42,777 148.76 11,766 64.12
Kareems Spun Silk Limited 11,300 -** 11,300 -**
Karur Vysya Bank Limited 12,739 57.38 - -
Kotak Mahindra Bank Limited 24,780 161.42 - -
Larsen & Toubro Limited 37,480 511.56 19,675 257.12
LIC Housing Finance Limited 26,913 60.53 - -
Notes to the Consolidated Financial Statements (Contd.)
145
11. NON-CURRENT INVESTMENTS (CONTD.)
2013 2012
Nos. Book value
(` in lac)
Nos. Book value
(` in lac)
Lupin Limited 24,811 155.95 20,892 110.62
Mahindra & Mahindra Limited 7,722 66.50 13,411 93.46
Maruti Suzuki India Limited 14,811 189.54 - -
NMDC Limited 60,796 83.35 - -
NTPC Limited 65,739 93.32 86,171 140.20
Oil & Natural Gas Limited 124,598 388.00 30,832 82.41
Petronet LNG Limited - - 54,056 90.84
Polaris Financial Technology Limited 74,447 82.86 - -
Polyplex Corporation Limited - - 38,954 71.83
Power Finance Corporation Limited - - 65,984 121.41
Power Grid Corporation of India Limited 89,461 94.65 112,738 121.64
Punjab National Bank 11,799 84.66 6,703 62.00
Ranbaxy Laboratories Limited - - 3,365 15.78
Reliance Industries Limited 116,349 899.26 74,821 559.85
Siemens Limited 12,580 69.02 - -
Sintex Industries Limited 104,075 47.93 21,026 18.13
Spicejet Limited 126,846 33.80 145,791 34.33
State Bank of India 13,586 281.60 13,514 283.12
Sterlite Industries (India) Limited 81,546 76.41 16,695 18.54
Sun Pharmaceutical Industries Limited 34,172 279.65 23,971 136.51
Tata Consultancy Services Limited 33,824 531.65 27,709 323.60
Tata Motors Limited 132,479 356.57 84,537 232.63
Tata Power Company Limited 75,890 73.16 76,741 77.39
Tata Steel Limited 67,745 211.57 23,637 111.19
Tecpro Systems Limited 32,849 30.45 32,849 55.53
Titan Industries Limited 53,572 137.36 - -
Ultratech Cement Limited 13,472 251.66 - -
VA Tech Wabag Limited 6,875 34.36 16,920 72.49
Wipro Limited - - 13,163 57.79
12,664.85 9,254.98
c) Investment in preference instruments (Unquoted) at cost*
In other body corporates
DLF Building and Services Private Limited (formerly
known as Nachiketa Real Estate Private Limited)
12,000 12.00 12,000 12.00
12.00 12.00
In associates
Seven Seas Resorts and Leisure Inc 39,567,424 1,145.98 39,567,424 1,077.87
Galaxy Mercantiles Limited @ 0.01% per annum 7,094,934 7,094.93 7,094,934 7,094.93
8,240.91 8,172.80
* Equity shares of ` 10 each, Preference shares ` 100 each unless otherwise stated
** Rounded off to ‘zero’
*** Includes prior period losses
d) Investment in Government or trust securities
i) In Government securities
GOI 05.59% J une 4, 2016 50,000,000 476.36 50,000,000 468.92
GOI 06.05% February 02, 2019 50,000,000 479.32 50,000,000 475.78
GOI 06.07% May 15, 2014 6,500,000 63.80 6,500,000 62.27
146
11. NON-CURRENT INVESTMENTS (CONTD.)
2013 2012
Nos. Book value
(` in lac)
Nos. Book value
(` in lac)
GOI 06.25% J anuary 2, 2018 3,200,000 29.87 3,200,000 28.52
GOI 06.49% J une 8, 2015 10,000,000 97.55 - -
GOI 07.02% August 17, 2016 11,820,000 115.30 11,820,000 111.88
GOI 07.38% September 3, 2015 1,000,000 9.86 1,000,000 9.81
GOI 07.56% November 3, 2014 7,500,000 74.66 7,500,000 73.84
GOI 07.59% April 12, 2016 38,500,000 385.89 65,000,000 659.07
GOI 07.80% April 11, 2021 28,120,000 276.30 28,120,000 269.40
GOI 07.94% May 24, 2021 50,000,000 520.51 50,000,000 523.03
GOI 07.95% February 18, 2026 50,000,000 521.91 50,000,000 523.61
GOI 07.99% J uly 9, 2017 105,000,000 1,086.88 105,000,000 1,094.85
GOI 08.08% August 2, 2022 9,500,000 95.38 9,500,000 92.29
GOI 08.13% September 21, 2022 65,500,000 655.83 63,000,000 628.24
GOI 08.15% J une 11, 2022 82,040,000 826.09 - -
GOI 08.20% February 15, 2022 50,000,000 506.41 50,000,000 501.12
GOI 08.20% September 24, 2025 142,770,000 1,440.93 - -
GOI 08.26% August 2, 2027 15,000,000 146.77 5,000,000 46.99
GOI 08.28% September 21, 2027 25,500,000 245.09 - -
GOI 08.30% December 31, 2042 25,030,000 251.86 - -
GOI 08.33% J uly 9, 2026 30,500,000 306.17 - -
GOI 08.79% November 08, 2021 50,430,000 520.30 183,500,000 1,889.30
GOI 08.83% December 12, 2041 150,000,000 1,559.65 59,000,000 593.21
GOI 08.84% Karnataka SDL 2017 2,000,000 20.38 - -
GOI 08.90% MH SDL September 20, 2022 50,000,000 500.95 - -
GOI 08.90% West Bengal SDL October 17, 2022 50,000,000 500.95 - -
GOI 08.97% December 05, 2030 111,050,000 1,157.77 13,000,000 134.33
GOI 9.15% November 14, 2024 67,500,000 719.31 157,500,000 1,647.61
GOI 10.50% October 29, 2014 7,000,000 72.67 - -
GOI 11.83% November 12, 2014 35,030,000 373.95 26,630,000 296.51
GOI 12.40% August 20, 2013 - - 3,000,000 31.61
National Saving Certicate 1.99 1.96
14,040.66 10,164.15
ii) In Housing & Infrastructure bonds
8.15% IDFC May 10, 2015 50,000,000 500.00 50,000,000 500.00
8.20% National Housing Bank August 30, 2013 - - 50,000,000 498.77
8.68% NCRPB August 4, 2020 20,000,000 199.47 20,000,000 196.67
8.82% PFC February 20, 2020 100,000,000 999.41 - -
8.84% Power Grid Corporation Limited March 29, 2016 45,000,000 449.54 - -
8.84% Power Grid Corporation Limited October 21, 2020 5,000,000 48.88 5,000,000 48.32
8.90% PFC March 15, 2015 20,000,000 200.34 20,000,000 198.48
8.95% LIC Housing Finance Limited September 15 , 2020 60,000,000 589.58 60,000,000 584.76
8.98% HDFC Limited November 26, 2020 5,000,000 50.14 5,000,000 48.79
9.02% REC NCD November 19, 2022 50,000,000 501.58 - -
9.25% IL&FS August 17, 2016 50,000,000 500.00 50,000,000 500.00
9.25% PGC NCD March 9, 2027 7,000,000 70.82 - -
9.35% REC J une 15, 2022 50,000,000 514.33 - -
9.35% PGC Limited August 29, 2022 50,000,000 496.45 50,000,000 491.95
9.39% PFC J une 29, 2022 50,000,000 504.72 - -
9.45% PFC September 1, 2026 - - 50,000,000 499.50
9.48% PFC April 15, 2022 50,000,000 506.97 50,000,000 499.58
Notes to the Consolidated Financial Statements (Contd.)
147
11. NON-CURRENT INVESTMENTS (CONTD.)
2013 2012
Nos. Book value
(` in lac)
Nos. Book value
(` in lac)
9.50% HDFC Limited J anuary 20, 2014 - - 30,000,000 299.32
9.98% IL&FS December 5, 2021 50,000,000 505.63 50,000,000 502.60
11.00% First Blue Home Finance Limited J uly 15, 2016 25,000,000 251.68 25,000,000 251.75
11.40% PFC November 28, 2013 - - 38,000,000 392.81
6,889.54 5,513.30
e) Investment in debentures (unquoted) at cost
Compulsorily convertible debentures in body corporates
YG Realty Private Limited 1,292,952 12,929.52 1,292,952 12,929.52
12,929.52 12,929.52
f) In corporate bonds
2% Tata Steel NCD April 23, 2022 50,000,000 464.39 - -
8.80% Food Corporation of India March 22, 2028 50,000,000 498.65 - -
9.10% J agran Prakashan NCD December 17, 2017 50,000,000 500.46 - -
9.45% SBI Bonds 4 Lower Tier 2026 Series - - 7,580,000 75.80
9.50% Bajaj Finance NCD J anuary 11, 2018 50,000,000 500.00 - -
9.55% Hindalco Industries Limited NCD April 25, 2022 50,000,000 503.89 - -
9.65% ISEC PD Tier II May 17, 2022 50,000,000 509.21 50,000,000 501.70
9.71% Tata Sons Limited NCD August 29, 2022 10,000,000 101.97 - -
9.83% Bajaj Finance Limited May 18, 2021 15,000,000 154.17 15,000,000 151.23
9.95% SBI Bonds Lower Tier II 2026 Series 4 14,550,000 151.87 67,500,000 700.77
10.09% MRF Limited NCD May 27, 2021 8,000,000 82.66 8,000,000 81.40
3,467.27 1,510.90
g) Other non-current investments (unquoted) at cost
In xed deposits
9.25% SBT 500 Day FD August 12, 2014 166.38 -
9.50% Canara Bank FD February 17, 2021 130.00 -
9.76% Canara Bank 726 Day FD March 17, 2015 100.00 -
9.76% Canara Bank 729 Days FD March 17, 2015 100.00 -
State Bank of Travencore - 100.00
Canara Bank - 65.00
Corporation Bank - 100.00
496.38 265.00
In funds
Vkarma Capital Fund 5.10 -
5.10 -
In mutual funds
Faering Capital India Evolving Fund 1,961.00 -
1,961.00 -
101,104.76 97,327.53
Aggregate amount and market value of investments
Aggregate amount quoted investments 23,922.95 37,100.78
Market value of quoted investments 21,179.41 24,550.77
Aggregate amount unquoted investments at cost 77,181.81 60,226.75
Aggregate provision for diminution in value of investments 2,480.20 1,776.41
148
Notes to the Consolidated Financial Statements (Contd.)
2013 2012
12. DEFERRED TAX ASSET (NET)
Deferred tax liability arising on account of :
Depreciation, amortisation and impairment 17,705.55 23,585.34
Pre construction period interest allowed in current year 8,954.44 7,997.07
26,659.99 31,582.41
Deferred tax asset arising on account of :
Brought forward losses / unabsorbed depreciation 87,363.82 58,224.93
Expenditure debited to statement of profit and loss
but allowable for tax purposes in subsequent years
51.54 300.02
Provision for doubtful debts and advances 3,598.83 4,821.63
Provision for diminution in value of investment 18.28 451.32
Provision for employee benefits 1,141.93 986.14
Others 117.21 291.07
92,291.61 65,075.11
65,631.62 33,492.70
Aggregate of net deferred tax liabilities jurisdictions (19,265.46) (15,736.08)
Aggregate of net deferred tax assets jurisdictions 84,897.08 49,228.78
65,631.62 33,492.70
13. LOANS AND ADVANCES
Long-term Short-term
2013 2012 2013 2012
(Unsecured, considered good unless otherwise stated)
Capital advances
Secured 80.14 5,137.23 - -
Unsecured (including ` Nil (previous year ` 5.43 lac) doubtful) 17,084.48 12,040.49 - -
Security deposits
Secured 1,572.13 2,075.82 - 6.99
Unsecured 39,458.55 24,204.34 2,817.93 16,533.38
Due from KMP entity- DLF Brands Limited 3,295.82 2,486.38 - -
Advances to J oint ventures and associates 26,856.47 24,484.58 17,943.90 7,357.72
Advances recoverable in cash or in kind or for value to be received
Secured 1,727.45 1,966.01 542.29 1,223.23
Unsecured (including ` 30,561.51 lac (previous year ` 18,619.44
lac) doubtful)
120,975.76 121,557.08 145,144.37 162,530.86
Income tax paid (net of provisions) 174,106.53 130,138.39 3,354.40 13,661.24
Employee advances 4,727.85 4,136.43 412.41 1,482.09
Share/debenture application money paid - - 3,500.00 5,015.07
389,885.18 328,226.75 173,715.30 207,810.58
Less : Doubtful and provided for 24,048.70 13,601.46 6,512.81 5,023.41
365,836.48 314,625.29 167,202.49 202,787.17
(` in lac)
(` in lac)
2013 2012
14. OTHER NON-CURRENT ASSETS
Long term trade receivables (including trade receivables on deferred credit terms)
Unsecured, considered good
Trade receivables 3,474.45 6,536.84
3,474.45 6,536.84
Other non current assets
Bank deposit with maturity of more than 12 months (refer note 18) 2,755.66 5,077.87
Interest receivable 2,379.17 2,795.81
5,134.83 7,873.68
8,609.28 14,410.52
(` in lac)
149
15. CURRENT INVESTMENTS
2013 2012
Nos. Book value
(` in lac)
Nos. Book value
(` in lac)
a) Investment in equity instruments
Quoted (non trade)
EIH Limited 177,681 98.26 177,681 152.10
Reliance Communications Limited 80,000 44.16 80,000 67.24
Reliance Media Works Limited 115,943 53.22 115,943 89.04
Reliance Broadcast Network Limited 115,943 28.87 115,943 61.86
Reliance Power Limited 228,633 140.72 228,633 267.27
365.23 637.51
b) Investment in mutual funds
Quoted
Birla Sun Life Cash Plus 6,765.58 167.05
DSP Black Rock Money Manager Fund 93.38 177.87
HDFC Liquid Fund-Growth 25.01 20.02
Indiabulls Mutual Fund 12,009.74 -
ICICI Prudential Liquid Plan-Growth 10.14 170.29
ICICI Prudential Flexible Income Plan Premium - Daily Dividend 22.21 192.20
J P Morgan India Treasury Fund 92.53 86.37
Kotak Liquid Fund - Regular - 130.82
Reliance Liquid Fund 147.64 231.52
Tempelton India Treasury Management Growth Fund 99.13 75.44
Religare Liquid Fund - Super Institutional - G Large Cap - 23.19
Tata Liquid High Investment Plan - Growth LIQ - 7.00
19,265.36 1,281.77
Unquoted
Urban Infrastructure Oppurtunities Fund 9,706.10 10,142.42
Faering Capital India Evolving Fund - 1,224.00
9,706.10 11,366.42
c) Investment in Government or trust securities (unquoted)
In Government securities
GOI 7.40% May 03, 2012 - - 5,000,000 49.93
GOI 10.25% J une 01, 2012 - - 32,150,000 323.23
GOI 12.40% August 20, 2013 3,000,000 30.51 - -
30.51 373.16
In treasury bills
364 Day T-Bill April 06, 2012 - - 4,000,000 39.96
364 Day T-Bill April 19, 2012 - - 3,000,000 29.88
364 Day T-Bill J uly 27, 2012 - - 9,000,000 87.74
364 Day T-Bill September 07, 2012 - - 2,500,000 24.16
364 Day T-Bill December 28, 2012 - - 10,000,000 94.06
364 Day T-Bill May 31, 2013 5,600,000 55.32 - -
364 Day T-Bill J une 28, 2013 30,000,000 294.48 - -
364 Day T-Bill September 20, 2013 5,000,000 48.26 - -
364 Day T-Bill November 28, 2013 5,000,000 47.53 - -
364 Day T-Bill February 06, 2014 20,000,000 56.28 - -
182 Day T-Bill April 12, 2013 5,000,000 49.88 - -
182 Day T-Bill May 10, 2013 3,375,000 33.47 - -
150
15. CURRENT INVESTMENTS (CONTD.)
2013 2012
Nos. Book value
(` in lac)
Nos. Book value
(` in lac)
182 Day T-Bill J une 06, 2013 2,425,000 23.91 - -
182 Day T-Bill J une 20, 2013 3,725,000 36.61 - -
182 Day T-Bill August 15, 2013 10,000,000 97.17 - -
182 Day T-Bill September 12, 2013 18,000,000 173.76 - -
91 Day T-Bill April 13, 2012 - - 3,500,000 34.90
91 Day T-Bill April 20, 2012 - - 5,000,000 49.78
91 Day T-Bill May 18, 2012 - - 5,000,000 49.45
91 Day T-Bill May 25, 2012 - - 3,500,000 34.55
91 Day T-Bill J une 01, 2012 - - 2,500,000 24.63
91 Day T-Bill J une 15, 2012. - - 2,125,000 20.87
91 Day T Bill J une 20, 2013 10,000,000 47.66 - -
964.33 489.98
In Housing & Infrastructure bonds
7.60% REC Limited J anuary 22, 2013 - - 50,000,000 500.00
8.20% NHB August 30, 2013 50,000,000 499.70 - -
9.50% HDFC J anuary 20, 2014 30,000,000 300.58 - -
11.40% PFC November 28, 2013 38,000,000 385.09 - -
1,185.37 500.00
d) Other investments (unquoted)
In fixed deposits
8.75% UBI 34 Day FD May 02, 2013 11,092,072 110.92 - -
9.00% Andhra Bank 365 Day FD December 28, 2013 4,000,000 40.00 - -
9.25% Corp Bank 365 Day FD J uly 20, 2013 4,500,000 45.00 - -
9.25% Indian Bank 276 Day FD September 02, 2013 1,400,000 14.00 - -
9.25% Andhra Bank 365 Day FD September 07, 2013 5,500,000 55.00 - -
9.25% Andhra Bank 360 Day FD November 18, 2013 1,400,000 14.00 - -
9.25% Andhra Bank 361 Day FD November 19, 2013 1,400,000 14.00 - -
9.25% Andhra Bank 362 Day FD November 20, 2013 1,400,000 14.00 - -
9.25% Andhra Bank 363 Day FD November 21, 2013 1,400,000 14.00 - -
9.25% Andhra Bank 364 Day FD November 22, 2013 1,400,000 14.00 - -
9.25% Andhra Bank 364 Day FD November 29, 2013 1,400,000 14.00 - -
9.76% Canara Bank 365 Day FD March 19, 2014 20,000,000 200.00 - -
9.76% Canara Bank 365 Day FD March 20, 2014 10,000,000 100.00 - -
9.76% Canara Bank 365 Day FD March 22, 2014 10,000,000 100.00 - -
10.50% SBT FD March 30, 2013 - - 15,000,000 150.00
10.66% SBT FD March 22, 2013 - - 4,000,000 40.00
Fixed deposits in banks - - 50,500,000 505.00
748.92 695.00
In funds
Vkarma Capital Fund - 5.10
- 5.10
32,265.82 15,348.94
Aggregate amount and market value of investments
Aggregate amount quoted investments 19,630.59 1,919.29
Market value of quoted investments 19,630.59 1,919.29
Aggregate amount unquoted investments at cost 12,635.23 13,429.65
Notes to the Consolidated Financial Statements (Contd.)
151
(` in lac)
2013 2012
16. INVENTORIES
Land, plots, constructions and development cost/materials 1,346,286.79 1,203,991.43
Development rights: payments under agreement to purchase
land / development rights/ constructed properties
400,661.76 394,446.37
Rented buidings (including land and related equipments) *
on lease hold 2,830.52 3,054.27
on free hold 12,015.35 12,345.09
14,845.87 15,399.36
Less: depreciation on rented buildings and related equipments 1,980.11 2,108.72
12,865.76 13,290.64
Food and beverages 1,373.87 1,665.21
Stores and spares 3,364.89 4,163.49
1,764,553.07 1,617,557.14
* for assets given on lease disclosures, refer note 33
(` in lac)
2013 2012
17. TRADE RECEIVABLES
(Considered good unless otherwise stated)
Trade receivables outstanding for more than six months
Secured 3,119.05 3,865.61
Unsecured - considered good 99,315.43 115,844.29
- considered doubtful 16,334.37 16,300.64
118,768.85 136,010.54
Less : Doubtful and provided for 16,334.37 16,300.64
102,434.48 119,709.90
Trade receivables (others)
Secured, considered good 7,674.92 5,533.85
Unsecured - considered good 55,215.77 51,346.75
- considered doubtful 1,779.36 1,455.78
64,670.05 58,336.38
Less : Doubtful and provided for 1,779.36 1,455.78
62,890.69 56,880.60
165,325.17 176,590.50
(` in lac)
18. CASH AND BANK BALANCES
Non-current Current
2013 2012 2013 2012
Cash and cash equivalents
Cash in hand 663.29 883.61
Cheques, drafts in hand 623.66 1,010.61
Balances with banks
In current accounts with schedued banks 84,764.61 86,577.14
In current accounts with non - scheduled banks 9,297.41 4,443.58
95,348.97 92,914.94
152
18. CASH AND BANK BALANCES (CONTD.)
Non-current Current
2013 2012 2013 2012
Other bank balances
Earmarked bank balances
Unpaid dividend bank account 286.40 243.48
Monies kept in escrow account 797.83 2,036.61
Bank deposits
Pledged / under lien / earmarked 15,378.67 9,682.09
Bank deposits with maturity more than 3 months and less
than 12 months
72,601.71 45,746.36
Bank deposit with maturity of more than 12 months 2,755.66 5077.87 - -
2,755.66 5,077.87 89,064.61 57,708.54
Amount disclosed under non-current assets (Note 14) 2,755.66 5,077.87 - -
- - 184,413.58 150,623.48
Notes to the Consolidated Financial Statements (Contd.)
(` in lac)
2013 2012
19. OTHER CURRENT ASSETS
Unbilled receivables 819,389.28 766,914.12
Premium due in insurance business 1,132.33 497.29
Interest accrued
Customers 17,395.84 10,977.23
Deposits with banks 2,257.87 751.58
Loans and advances (including deposits) (including ` 6,080.50 lac (previous
year ` 966.81 lac) doubtful)
5,349.19 4,843.41
25,002.90 16,572.22
Less: Doubtful and provided for 6,080.50 966.81
18,922.40 15,605.41
839,444.01 783,016.82
(` in lac)
2013 2012
20. SALES AND OTHER INCOME
Revenue from operations
Operating revenue
Sale of land and plots (including sale of development rights) 98,277.25 260,730.06
Revenue from constructed properties 291,780.68 348,899.27
Rent 163,379.34 155,042.02
Service and maintenance income 99,247.21 90,807.20
Revenue from food court / restaurant business 4,173.12 3,138.71
Revenue from hotel business 40,996.41 36,058.66
Revenue from power generation 31,173.06 30,008.06
Revenue from cinemas operations 13,556.39 10,888.10
Revenue from recreational facility 6,067.59 6,388.44
Revenue from insurance business 26,751.42 17,508.06
775,402.47 959,468.58
Other operating revenue
Sale of construction material 582.32 545.99
Amount forfeited on properties 1,299.63 2,923.09
1,881.95 3,469.08
777,284.42 962,937.66
(` in lac)
153
(` in lac)
2013 2012
20. SALES AND OTHER INCOME (CONTD.)
Other Income
Income from non-current investments
Income from investment in trust - 375.83
Profit from sale of shares/ investment 90,153.17 26,637.94
Profit /(loss) from partnership firms (net) (127.24) 295.04
Interest on debentures - 48.69
90,025.93 27,357.50
Income from current investments
Dividend from mutual funds 3,313.02 1,218.16
Dividend - others 6.51 139.82
3,319.53 1,357.98
Interest from:
Bank deposits 8,350.91 3,719.50
Income - tax refunds 1,792.93 3,455.44
Customers 4,806.55 6,251.89
Loans and deposits 6,347.96 6,684.08
Others 2,873.05 1,674.09
24,171.40 21,785.00
Profit on disposal of fixed assets 2,339.88 580.76
Unclaimed balances and excess provisions written back 3,867.07 2,354.08
Commission 381.44 412.71
Miscellaneous income 8,184.65 5,599.64
38,944.44 30,732.19
132,289.90 59,447.67
909,574.32 1,022,385.33
(` in lac)
2013 2012
21. COST OF REVENUES
Cost of land, plots and constructed properties (including cost of development rights) 223,240.16 305,582.94
Cost of power generation 36,537.91 24,548.74
Foods and beverages and facility management expenses - hotel business 11,470.55 9,367.73
Consumption of food and beverages - food court and restaurants 2,004.09 2,058.78
Cost of service and maintenance 43,421.95 41,985.08
Cost of cinema operations 4,587.10 3,750.81
Cost of insurance business 14,326.46 9,453.36
335,588.22 396,747.44
(` in lac)
2013 2012
22. EMPLOYEE BENEFITS EXPENSE*
Salaries, wages and bonus 52,588.35 51,318.58
Contribution to provident and other funds 1,871.33 1,744.51
Amortisation of deferred employees compensation (net) 3,249.50 3,889.80
Staff welfare 1,861.79 1,664.72
59,570.97 58,617.61
* Net of capitalisation
For employee benets details, refer note 30
154
Notes to the Consolidated Financial Statements (Contd.)
(` in lac)
2013 2012
23. FINANCE COSTS*
Interest
Fixed periods loans
Debentures 30,935.21 35,306.67
Term loans 177,138.17 172,447.30
208,073.38 207,753.97
Others 3,809.98 3,241.46
211,883.36 210,995.43
Guarantee, nance and bank charges 19,520.92 13,652.86
231,404.28 224,648.29
* Net of capitalisation
(` in lac)
2013 2012
24. DEPRECIATION, AMORTISATION AND IMPAIRMENT
Depreciation on
Tangible assets (net of capitalisation) 71,084.58 68,955.22
Current asset 299.67 294.54
Investment properties 36.84 36.84
Amortisation on
Intangible assets 1,035.34 952.77
Impairment on
Goodwill 7,167.44 (1,356.48)
79,623.87 68,882.89
(` in lac)
2013 2012
25. OTHER EXPENSES
Rent 8,095.92 7,252.64
Rates and taxes 3,484.74 2,351.09
Power, fuel and electricity 8,077.66 5,467.30
Repair and maintenance
Building 1,976.74 1,370.86
Constructed properties / colonies 460.06 105.37
Machinery 2,930.73 3,581.22
Others 3,432.46 4,147.37
Operating and maintenance of windmill 2,545.93 1,545.65
Insurance 1,394.91 1,536.80
Commission and brokerage 11,180.96 12,173.81
Advertisement and publicity 13,771.52 13,173.93
Travelling and conveyance 3,543.00 3,002.85
Running and maintenance
Vehicle 558.67 455.34
Aircraft and helicopter 1,851.61 1,717.65
Printing and stationery 948.41 902.67
Directors’ fee 416.85 306.87
Sales promotion 5,917.37 5,379.75
Communication 1,460.65 1,378.31
Legal and professional (including payment to auditors) 15,068.83 16,606.54
Charity and donations 706.00 4,098.15
Claims and compensation 155.08 155.35
Loss on disposal of xed assets 422.95 894.74
Loss on sale of Short term investments 272.28 -
155
(` in lac)
2013 2012
25. OTHER EXPENSES (CONTD.)
Loss on sale of long term investments 0.88 588.95
Advances / assets written off 1,482.04 1,953.38
Preliminary expenses written off - 0.30
Provision for doubtful debts and advances 17,589.37 15,585.29
Provision for diminution in value of investment 563.31 0.90
Exchange uctuations (net) 559.39 260.24
Miscellaneous expenses 10,635.96 11,147.90
119,504.28 117,141.22
(` in lac)
2013 2012
26. TAX EXPENSE
Income tax 51,467.53 55,597.53
Deferred tax (38,956.63) (18,662.98)
12,510.90 36,934.55
(` in lac)
2013 2012
27. EARNINGS PER SHARE
Net prot attributable to equity shareholders
Prot after tax but before prior period items 72,939.02 121,029.10
Earlier year items
Income tax (1,540.48) 320.01
Deferred tax 209.92 (652.96)
Prior period expenses (net) (416.55) (614.18)
71,191.91 120,081.97
Nominal value of equity share (`) 2.00 2.00
Weighted average number of equity shares (Basic) 1,698,550,497 1,697,938,563
Basic earnings per share (`) 4.19 7.07
Nominal value of equity share (`) 2.00 2.00
Weighted average number of equity shares (Dilutive) 1,702,688,309 1,701,546,079
Diluted earnings per share (`) 4.18 7.06
28. a) During the year, the Company re-assessed its accounting policy in respect of accruals for
Timely Payment Rebate (‘TPR’) to customers, and with effect from April 1, 2012 has decided
to recognise the entire liability for the same upon fullment by the respective customers of their
complete obligations to receive the TPR as set out in the agreement to sell, as against the
previous policy of recognising these liabilities upon the Company’s formal acknowledgment of
the TPR to the customer. The Company is of the opinion that this change has resulted in a more
representative presentation of the nancial obligations with respect to TPRs.
Had the Company continued to follow the previous accounting policy with respect to accrual for
156
Notes to the Consolidated Financial Statements (Contd.)
TPRs as enumerated above, revenues and the prot before tax for the year ended March 31,
2013 would have been higher by ` 7,837.27 lac and ` 7,668.47 lac respectively.
b) Pursuant to issuance of the revised Guidance Note on “Accounting for Real Estate Transactions
(Revised 2012)” by Institute of Chartered Accountants of India (ICAI) as stated in Note i(i)(a), the
Company revised its Accounting Policy of revenue recognition for all projects commencing on
or after April 1, 2012 or project where the revenue is recognised for the rst time on or after the
above date.
During the year, the company launched two projects namely “Skycourt” and “Ultima” which
came under the purview of the revised guidance note. As at March 31, 2013, the conditions for
recognizing revenue for both these projects were not met and accordingly no revenue has been
recognised from these projects.
29. a) In the opinion of the management, current assets, loans and advances have a value on realisation
in the ordinary course of business at least equal to the amount at which they are stated in the
balance sheet and provisions for all known/expected liabilities have been made.
b) A subsidiary of the Company has purchased land with an obligation to provide built up area to
third parties in consideration of settlement of disputes, claims, rights and entitlements of such
parties. As the cost in this respect is not currently ascertainable, no accrual for these liabilities is
considered necessary at present.
c) The Company was selected as successful bidder in a Global Tender issued by Delhi Development
Authority (DDA) for Dwarka Project (the project) in FY 2007-08. Total Investment made by the
Company in the project as of March 31, 2013 is ` 107,569.07 lac, which comprises ` 90,108.00
lac purchase consideration paid to DDA towards cost of land and ` 17,461.07 lac further
incurred on construction/development expenses (including interest & overheads) on the project.
The Company is under litigation for recovery of this complete amount with DDA and is opposing
the suit/claim of DDA for specic performance. The Company had also been under discussion
with DDA through Delhi High Court Mediation Cell appointed by Hon’ble High Court of Delhi for
alternative options to execute the project.
The Company based upon opinions of legal experts believes that the investment made (classied
under Capital Work-in-Progress) in the project is fully recoverable and accordingly no adjustment
has been done in these consolidated nancial statements.
30. Employee benets
a) Gratuity (Non-funded)
Amount recognised in the Statement of
prot and loss is as under:
(` in lac)
Description 2013 2012
Current service cost 638.14 483.14
Interest cost 274.24 239.53
Actuarial loss recognised during the year 185.62 93.83
Capitalised as a part of capital work-
in-progress
(3.82) -
Past service cost (6.00) (6.64)
1,088.18 809.86
Movement in the liability recognised in the
balance sheet is as under:
(` in lac)
Description 2013 2012
Present value of dened benet
obligation as at the start of the year *
3,458.05 3,045.82
Current service cost 638.14 483.14
Interest cost 274.24 239.53
Actuarial loss recognised during
the year
185.62 93.83
Benets paid (211.72) (397.63)
Past service cost (6.00) (6.64)
Transferred from gratuity (funded)
to gratuity (non-funded)
246.34 -
Present value of dened benet
obligation as at the end of the year
4,584.67 3,458.05
157
b) Gratuity (Funded)
(` in lac)
2013 2012
Changes in dened benet obligation
Present value obligation as at the
start of the year *
588.06 526.00
Interest cost 39.59 44.01
Current service cost 85.68 117.68
Benets paid (52.74) (65.05)
Actuarial gain on obligations (65.50) (30.48)
Transferred from gratuity (funded)
to gratuity (non funded)
(246.34) -
Present value obligation as at the
end of the year
348.75 592.16
Change in fair value of plan assets
Fair value of plan assets as at the
start of the year *
376.24 192.33
Expected return on plan assets 40.30 25.27
Actuarial (gain)/loss (5.47) 36.52
Contribution 62.82 192.92
Benets paid (51.91) (64.99)
Fair value of plan assets as at the
end of the year
421.98 382.05
(` in lac)
2013 2012
Reconciliation of present value of dened benet obligation
and the fair value of plan assets
Present value obligation as at the
end of the year
348.75 592.16
Fair value of plan assets as at the
end of the year
421.98 382.05
Net asset/(liability) recognised in
balance sheet
73.23 (210.11)
Amount recognised in the statement of prot and loss
Current service cost 85.68 117.68
Interest cost 39.59 44.01
Expected return on plan assets (40.30) (25.27)
Net actuarial gain recognised in
the year (60.03) (31.70)
Total expenses recognised in the
statement of prot and loss 24.94 104.72
For determination of the gratuity liability of the
Company, the following actuarial assumptions
were used:
Description
2013 2012
Discount rate (per annum) 8.00% 8.00%
Rate of increase in compensation
levels 7.50% 7.50%
c) Compensated absences (Non-funded)
Amount recognised in the Statement of
prot and loss is as under:
(` in lac)
Description 2013 2012
Current service cost 471.90 664.12
Interest cost 195.21 174.42
Actuarial gain recognised during
the year
(17.44) (29.11)
Capitalised during the year (2.28) (1.34)
647.39 808.09
Movement in the liability recognised in the
balance sheet is as under:
(` in lac)
Description 2013 2012
Present value of dened benet
obligation as at the start of the year *
2,820.73 2,474.14
Current service cost 471.90 664.12
Interest cost 195.21 174.42
Actuarial gain recognised during
the year
(17.44) (29.11)
Benets paid (807.27) (502.95)
Capitalised during the year / liability
transfer as per nancial
- 40.11
Present value of dened benet
obligation as at the end of the year
2,663.13 2,820.73
d) Compensated absences (Funded)
(` in lac)
2013 2012
Changes in dened benet obligation
Present value of obligation as at
the start of the year * 187.97 179.28
Interest cost 17.18 13.49
Current service cost 130.35 97.34
Benets paid (68.76) (45.23)
Actuarial gains on obligations (45.94) (56.91)
Present value obligation as at the
end of the year 220.80 187.97
Change in fair value of plan assets
Fair value of plan assets as at the
start of the year *
- -
Expected return on plan assets - -
Actuarial gain - -
Contribution - -
Benets paid - -
Fair value of plan assets as at the
end of the year
- -
158
Notes to the Consolidated Financial Statements (Contd.)
(` in lac)
2013 2012
Reconciliation of present value of dened benet obligation
and the fair value of plan assets
Present value obligation as at the
end of the year
220.80 187.97
Fair value of plan assets as at the
end of the year
- -
Net liability recognised in balance
sheet
(220.80) (187.97)
Amount recognised in the statement of prot and loss
Current service cost 130.35 97.34
Interest cost 17.18 13.49
Net actuarial gain recognised in
the year
(45.94) (56.91)
Total expenses recognised in the
statement of prot and loss
101.59 53.92
* Opening liability includes liability in respect of entities acquired
during the year and excludes liability in respect of entitites disposed
off during the year.
For determination of the liability in respect of
compensated absences, the following actuarial
assumptions were used:
Description 2013 2012
Discount rate (per annum) 8.00% 8.00%
Rate of increase in compensation
levels
7.50% 7.50%
e) Provident fund
Contribution made by the group companies,
to the provident fund trust setup by the
Company and to the Employee Provident Fund
Commissioner during the year is ` 1,674.46 lac
(previous year ` 1,647.10 lac).
31. Related party disclosures
a) Relationship
(i) Joint Ventures
S. No. Name of Joint Ventures
1 Banjara Hills Hyderabad Complex
2 Cleva Builders and Developers Private Limited (till
December 28, 2012)*
3 DLF Gayatri Home Developers Private Limited
4 DLF Green Valley
5 DLF Gayatri Developers
6 DLF Limitless Developers Private Limited
7 DLF SBPL Developer Private Limited
8 GSG DRDL Consortium
9 Kujjal Builders Private Limited (till March 30, 2013)
10 Prowess Buildcon Private Limited (till December 28, 2012)*
11 Saket Courtyard Hospitalty Private Limited
12 YG Realty Private Limited
* Refer note 40
(ii) Associates
S. No. Name of associates
1 Australian Resorts Limited
2 Designplus Architecture Private Limited
(w.e.f April 1, 2012)
3 Eila Builders & Developers Private limited (w.e.f.
March 31, 2013)
4 Galaxy Mecantiles Limited
5 Island Aviation Inc
6 J oyous Housing Limited
7 Kyoto Resorts YK
8 Pamalican Island Holdings Inc
9 Pamalican Resorts Inc
10 Pansea Tourism Company Limited
11 P.T J awa Express Amanda Indah
12 Rapid Metrorail Gurgaon Limited
13 Regional D & R Limited
14 Revlys SA
15 Seven Seas Resorts and Leisure Inc
16 Surin Bay Co. Limited
17 Villajena
(iii) Key Management Personnel (of the Parent Company)
Name Designation Relatives
(Relation)*
a) Dr. K.P. Singh Chairman Ms. Renuka
Talwar (Daughter)
b) Mr. Rajiv Singh Vice
Chairman
Ms. Kavita Singh
(Wife)
Ms. Savitri Devi
Singh (Daughter)
Ms. Anushka
Singh (Daughter)
c) Mr. T.C. Goyal Managing
Director
Ms. Sharda Goyal
(Wife)
d) Ms. Pia Singh Whole Time
Director
Mr. Dhiraj Sarna
(Husband)
* Relatives of key management personnel (other than key
management personnel themselves) with whom there were
transactions during the year.
159
(iv) Other enterprises under the control of the key
management personnel (of the Parent Company) and
their relatives :
S. No. Name of the company
1 A.S.G. Realcon Private Limited
2 Adampur Agricultural Farm
3 Adept Real Estate Developers Private Limited
4 AGS Buildtech Private Limited
5 Alfa Investments Global Limited (w.e.f. April 20, 2012)
6 Angus Builders & Developers Private Limited
7 Antriksh Properties Private Limited
8 Anubhav Apartments Private Limited
9 Arihant Housing Company*
10 Atria Partners
11 Beckon Investments Group Limited (w.e.f. April 20, 2012)
12 Belicia Builders & Developers Private Limited
13 Beverly Park Operation and Maintenance Services
LLP ** (formerly Beverly Park Operation and Mainte-
nance Services Private Limited)
14 Buland Consultants & Investments Private Limited
15 Carreen Builders & Developers Private Limited
16 Centre Point Property Management Services Private
Limited
17 Ch.Lal Chand Memorial Charitable Trust
18 CGS Charitable Trust
19 Cian Builders & Developers Private Limited
20 Desent Promoters & Developers Private Limited
21 Diana Retail Private Limited
22 DLF Brands Limited
23 DLF Building & Services Private Limited
24 DLF Commercial Enterprises
25 DLF Employees’ Welfare Trust
26 DLF Foundation
27 DLF Investments Private Limited
28 DLF M.T.FBD Medical and Community Facilities
Charitable Trust
29 DLF Q.E.C. Educational Charitable Trust
30 DLF Q.E.C. Medical Charitable Trust
31 DLF Raghvendra Temple Trust
32 Elephanta Estates Private Limited
33 Enki Retail Solutions Private Limited
34 Eros Retail Private Limited
35 Excel Housing Construction LLP ** (formerly Excel
Housing Construction Private Limited)
36 Exe. of The Estate of Lt. Ch. Raghvendra Singh
37 Exe. of The Estate of Lt. Smt. Prem Mohini
38 Family Idol Shri Radha Krishan J i
S. No. Name of the company
39 Family Idol Shri Shiv J i
40 Ferragamo Retail India Private Limited
41 Gangrol Agricultural Farm & Orchard
42 General Marketing Corporation
43 Giorgio Armani India Private Limited
44 Good Luck Trust (w.e.f. September 7, 2012)
45 Haryana Electrical Udyog Private Limited
46 Herminda Builders & Developers Private Limited
47 Hitech Property Developers Private Limited
48 Indira Trust
49 Ishtar Retail Private Limited
50 J handewalan Ancillaries Private Limited (formerly
J handewalan Ancillaries and Investments Private Limited)
51 J uno Retail Private Limited
52 K. P. Singh HUF
53 Kapo Retail Private Limited
54 Kohinoor Real Estates Company *
55 Krishna Public Charitable Trust
56 Lal Chand Public Charitable Trust
57 Lion Brand Poultries
58 Madhukar Housing and Development Company *
59 Madhur Housing and Development Company *
60 Mallika Housing Company LLP ** (formerly Mallika
Housing Company*)
61 Megha Estates Private Limited
62 Nachiketa Family Trust
63 Northern India Theatres Private Limited
64 P & S Exports Corporation
65 Panchsheel Investment Company *
66 Parvati Estates LLP ** (formerly Parvati Estates
Private Limited)
67 Pia Pariwar Trust
68 Plaza Partners
69 Power Overseas Private Limited
70 Prem Traders Private Limited (formerly Prem Traders
& Investments Private Limited)
71 Prem’s Will Trust
72 Pushpak Builders and Developers Private Limited
73 R.R Family Trust
74 Raghvendra Public Charitable Trust
75 Raisina Agencies LLP ** (formerly Raisina Agencies
Private Limited)
76 Rajdhani Investments & Agencies Private Limited
77 Realest Builders and Services Private Limited
78 Renkon Partners
160
Notes to the Consolidated Financial Statements (Contd.)
(iv) Other enterprises under the control of the key
management personnel (of the Parent Company) and
their relatives : (Contd.)
S. No. Name of the company
79 Renkon Overseas Development Limited
(w.e.f. J uly 02, 2012)
80 Renuka Pariwar Trust
81 Rhea Retail Private Limited
82 Rod Retail Private Limited
83 S & S Towel Private Limited
84 Sabre Investment Advisor India Private Limited
85 Sabre Investment Consultants LLP
86 Sambhav Housing and Development Company *
87 Sarna Export International
88 Sarna Exports Limited
89 Sarna Property and Industry Private Limited
90 Sidhant Housing and Development Company *
91 Singh Family Trust
92 Skills Academy Private Limited
93 Sketch Investment Private Limited
94 Smt. Savitri Devi Memorial Charitable Trust
95 Solace Housing and Construction Private Limited
S. No. Name of the company
96 Solange Retail Private Limited
97 Sudarshan Estates Private Limited
98 Sukh Sansar Housing Private Limited
99 Super Mart Two Property Management Services
Private Limited
100 Trinity Elastomers Private Limited
101 Trinity Housing and Construction Company *
102 Udyan Housing and Development Company *
103 Universal Management and Sales LLP ** (formerly
Universal Management & Sales Private Limited)
104 Urva Real Estate Developers Private Limited
105 Uttam Builders and Developers Private Limited
106 Uttam Real Estates Company *
107 Vishal Foods and Investments Private Limited
108 Willder Limited (w.e.f. J uly 20, 2012)
109 Yashika Properties and Development Company *
110 Zigma Processing and Manufacturing Private Limited
(formerly Zigma Retail Private Limited)
* A private company with unlimited liability.
** During the year, converted into LLP.
b) The following transactions were carried out with related parties in the ordinary course of
business (net of Service tax, if any)
(` in lac)
Description Joint Ventures and
Associates #
Key Management Personnel
(KMP) and their relatives
Enterprises over which
KMP is able to exercise
signicant inuence
2013 2012 2013 2012 2013 2012
Sale of assets - - 0.33 0.02 - 97.54
Purchase of land and material - - - - 2.92 -
Sale of development rights - 8,918.26 - - - -
Royalty income 1,494.43 - - - - -
Interest received 3,863.98 2,654.66 - - 418.40 389.29
Rent and licence fee received - - - - 1,615.97 1,977.97
Director’s remuneration paid - - 1,975.50 2,594.89 - -
Salary - - 194.56 255.31 - -
Expenses recovered - - - - 18.14 854.81
Expenses paid 87.10 0.19 87.37 53.73 1,160.03 2,386.36
161
(` in lac)
Description Joint Ventures and
Associates #
Key Management Personnel
(KMP) and their relatives
Enterprises over which
KMP is able to exercise
signicant inuence
2013 2012 2013 2012 2013 2012
Rent paid - - - 21.03 392.91 371.03
Loan taken 1,725.48 - 26,250.00 - 32,900.00 9,700.00
Loan refunded (paid) - - 11,250.00 - 32,900.00 9,700.00
Interest paid 117.77 - 313.01 - 434.18 152.77
Miscellaneous receipts (income) 1,044.27 251.25 1.06 23.21 2,830.87 2,988.57
Loans and advances given 288.22 5,216.84 - - 204.86 -
Loans refunded (received) 3,903.10 8,503.25 - - - -
Advances given 2,130.00 3,163.00 - - - -
Advance received under
agreement to sell €
- - 311.00 264.78 6,277.24 18,036.73
Guarantees given (net) (7,000.00) 1,050.00 - - - (1,100.05)
c) Balance at the end of the year
(` in lac)
Description Joint Ventures and
Associates #
Key Management Personnel
(KMP) and their relatives
Enterprises over which
KMP is able to exercise
signicant inuence
2013 2012 2013 2012 2013 2012
Investments * 22,769.74 16,044.98 - - 817.12 823.80
Earnest money and part
payments under agreement
to purchase land/ constructed
properties
- - - - 255.70 258.56
Advance received under
agreement to sell €
- - 5,477.17 5,166.17 24,313.98 18,036.73
Trade/amount payables (net) 16,221.53 12,033.47 157.23 129.96 177.41 21.00
Managerial commission payable - - 790.00 790.00 - -
Security deposit received 0.08 0.04 12.66 - 911.81 1,226.81
Guarantees given - 7,000.00 - - 4,127.00 5,000.00
Loans and interest receivable 40,435.06 30,829.89 - - 3,304.29 2,912.70
Trade receivables 2,152.04 6,746.07 - - 1,241.37 233.24
Unsecured loan payable 1,725.48 - 15,000.00 - - -
Interest payable 105.99 - 171.52 - - -
* Excluding prots
# Complete transactions have been reported before inter company elimination.
Above includes the following material transactions:
162
Notes to the Consolidated Financial Statements (Contd.)
(` in lac)
Joint Ventures/ Associates
Description Name of the entity 2013 2012
Transactions during the year
Sale of development rights Saket Courtyard Hospitalty Private Limited - 8,053.15
Royalty Income Saket Courtyard Hospitalty Private Limited 1,494.43 -
Interest received Kujjal Builders Private Limited (till March 30, 2013) 149.63 128.35
J oyous Housing Limited 2,006.04 1,373.21
Saket Courtyard Hospitalty Private Limited 1,433.64 844.42
Expenses paid Saket Courtyard Hospitalty Private Limited 0.08 0.19
Designplus Architecture Private Limited (w.e.f April 1, 2012) 87.02 -
Loan taken DLF Gayatri Developers 1,725.48 -
Interest paid DLF Gayatri Developers 117.77 -
Miscellaneous receipts (income) Saket Courtyard Hospitalty Private Limited 785.37 250.14
Rapid Metrorail Gurgaon Limited 200.00 -
Loans and advances given Kujjal Builders Private Limited (till March 30, 2013) 142.00 4,850.00
DLF Green Valley 102.00 -
DLF Gayatri Home Developers Private Limited 42.83 -
Loans refunded (received) Kujjal Builders Private Limited (till March 30, 2013) 30.00 5,084.00
Saket Courtyard Hospitalty Private Limited 3,614.65 2,540.97
DLF Green Valley 123.45 878.28
Advances given J oyous Housing Limited 2,130.00 3,163.00
Guarantees given Kujjal Builders Private Limited (till March 30, 2013) (7,000.00) 1,050.00
Balance at the end of the year
Trade receivables Saket Courtyard Hospitalty Private Limited 1,948.19 6,610.65
Investments Surin Bay Co. Limited 5,093.89 4,751.93
Revlys SA 1,182.79 1,112.49
Seven Seas Resort & Leisure Inc 2,070.60 1,947.53
Kyoto Resorts YK - 827.20
Galaxy Mercantiles Limited 7,142.26 7,142.26
Designplus Architecture Private Limited (w.e.f. April 1, 2012) 5,000.00 -
Eila Builders and Developers Private Limited
(w.e.f. March 31, 2013)
2,002.50 -
Trade/amount payables (net) DLF Limitless Developers Private Limited 11,250.00 11,050.00
Saket Courtyard Hospitalty Private Limited 3,034.15 -
Eila Builders & Developers Private Limited
(w.e.f. March 31, 2013)
1,881.45 -
Guarantees given Kujjal Builders Private Limited (till March 30, 2013) - 7,000.00
Loans and interest receivable Kujjal Builders Private Limited (till March 30, 2013) - 1,053.35
J oyous Housing Limited 24,366.51 20,431.08
Saket Courtyard Hospitalty Private Limited 7,943.06 6,753.63
Security deposit received Saket Courtyard Hospitalty Private Limited 0.08 0.04
Unsecured loan payable DLF Gayatri Developers 1,725.48 -
Interest payable DLF Gayatri Developers 105.99 -
163
(` in lac)
Enterprises over which KMP is able to exercise signicant inuence
Description Name of the entity 2013 2012
Transactions during the year
Interest received DLF Brands Limited 418.40 389.29
Rent and licence fee received DLF Brands Limited 190.34 252.14
Ferragamo Retail India Private Limited 549.61 434.27
Giorgio Armani India Private Limited 44.98 577.32
Rhea Retail Private Limited 298.57 176.07
Eros Retail Private Limited 173.99 171.75
Expenses recovered Renkon Partners - 380.21
Atria Partners - 202.25
Plaza Partners - 264.89
Ferragamo Retail India Private Limited 4.25 -
DLF Brands Limited 4.83 0.98
DLF Building & Services Private Limited 8.95 6.35
Expenses paid DLF Brands Limited - 1.10
DLF Commercial Enterprises 138.67 746.52
Renkon Partners 247.81 322.47
DLF Foundation 604.13 1,025.00
Rent paid DLF Q.E.C. Medical Charitable Trust 57.62 51.00
DLF Q.E.C. Educational Charitable Trust 140.31 124.19
DLF Commercial Enterprises 60.18 60.14
Renkon Partners 74.32 74.31
Interest paid Panchsheel Investment Company 139.25 118.87
Yashika Properties & Development Company 34.90 28.75
Beverly Park Operation and Maintenance Services LLP 111.55 -
Miscellaneous receipts (income) Atria Partners 702.26 698.34
DLF Commercial Enterprises 476.92 579.56
Renkon Partners 994.61 943.41
Guarantees given (net) Giorgio Armani India Private Limited - (1,100.00)
Loans taken Panchsheel Investment Company 8,000.00 7,525.00
Yashika Properties & Development Company 1,850.00 1,850.00
Beverly Park Operation and Maintenance Services LLP 12,200.00 -
Loan refunded (paid) Panchsheel Investment Company 8,000.00 7,525.00
Yashika Properties & Development Company 1,850.00 1,850.00
Beverly Park Operation and Maintenance Services LLP 12,200.00 -
Loans and advances given DLF Brands Limited 204.86 -
Advance received under agreement to
sell €
Panchsheel Investment Company 2,505.64 5,820.36
J handewalan Ancillaries Private Limited 519.04 3,229.57
Raisina Agencies LLP 690.07 4,433.82
Prem Traders Private Limited 1,029.15 1,600.84
164
Notes to the Consolidated Financial Statements (Contd.)
(` in lac)
Enterprises over which KMP is able to exercise signicant inuence
Description Name of the entity 2013 2012
Transactions during the year
Mallika Housing Company LLP 1,029.05 368.29
Sale of assets Plaza Partners - 97.54
Purchase of land and material DLF Building & Services Private Limited 2.92 -
(` in lac)
Enterprises over which KMP is able to exercise signicant inuence
Description Name of the entity
2013 2012
Balance at the end of the year
Trade receivables DLF Brands Limited 239.26 16.95
Ferragamo Retail India Private Limited 43.24 68.17
Giorgio Armani India Private Limited 0.46 31.66
DLF Commercial Enterprises 72.05 2.38
Renkon Partners 131.90 46.38
Atria Partners 83.68 40.40
Eros Retail Private Limited 66.39 25.72
Solange Retail Private Limited 232.22 -
Rhea Retail Private Limited 154.77 -
Investments DLF Brands Limited 800.00 800.00
Earnest money and part payments under
agreement to purchase land/ constructed
properties
DLF Building & Services Private Limited 221.43 224.29
Trade/amount payables (net) DLF Brands Limited 0.56 1.10
DLF Q.E.C. Educational Charitable Trust 24.22 5.81
Atria Partners 26.30 -
DLF Q.E.C. Medical Charitable Trust 9.47 10.37
Renkon Partners 58.23 -
Rhea Retail Private Limited - 3.28
DLF Commercial Enterprises 42.90 -
Advance received under agreement to sell € Panchsheel Investment Company 8,326.00 5,820.36
J handewalan Ancillaries Private Limited 3,748.61 3,229.57
Raisina Agencies LLP 5,123.89 4,433.82
Prem Traders Private Limited 2,629.99 1,600.84
Security deposit received DLF Brands Limited 160.13 127.74
Ferragamo Retail India Private Limited 172.52 171.85
Giorgio Armani India Private Limited 0.47 318.43
Solange Retail Private Limited 153.30 153.30
Rhea Retail Private Limited 184.90 184.90
Loans and interest receivable DLF Brands Limited 3,294.21 2,902.46
Guarantees Given DLF Brands Limited 4,127.00 5,000.00
165
(` in lac)
Key Management Personnel (KMP) and their relatives
Description Name of the KMP and their relatives 2013 2012
Transactions during the year
Sale of asstes Mr. T.C. Goyal 0.32 -
Mr. K. Swarup (till December 31, 2011) - 0.02
Miscellaneous receipts (income) Mr. Dhiraj Sarna 1.06 -
Mr. Rajiv Singh
Ms. Pia Singh
Ms. Renuka Talwar
- 23.21
Director’s remuneration paid Dr. K.P. Singh 452.44 372.00
Mr. Rajiv Singh 544.03 541.17
Mr. K. Swarup (till December 31, 2011) - 567.53
Mr. T.C. Goyal 662.65 784.45
Ms. Pia Singh 316.38 329.75
Interest Paid Dr. K.P. Singh 7.21 -
Mr. Rajiv Singh 67.13 -
Ms. Pia Singh 238.66 -
Loans taken Dr. K.P. Singh 750.00 -
Mr. Rajiv Singh 5,500.00 -
Ms. Pia Singh 20,000.00 -
Loans refunded (paid) Dr. K.P. Singh 750.00 -
Mr. Rajiv Singh 5,500.00 -
Ms. Pia Singh 5,000.00 -
Salary Ms. Renuka Talwar 194.56 202.30
Ms. Savitri Devi Singh - 50.26
Rent paid Mrs.Veena Swarup (till December 31, 2011) - 21.03
Expenses paid Ms. Kavita Singh 87.37 53.73
Advance received under agreement to sell € Mr. T.C. Goyal 49.86 -
Ms. Renuka Talwar 122.32 236.32
Mrs. Sharda Goyal 41.39 -
Ms. Pia Singh 97.44 18.65
(` in lac)
Key Managerial Personnel (KMP) and their Relatives
Description Name of the KMP and their relatives 2013 2012
Balance at the end of the year
Trade/amount payables (net) Dr. K.P. Singh 25.78 24.32
Mr. Rajiv Singh 24.69 -
Ms. Renuka Talwar 100.00 100.00
Ms. Pia Singh 6.76 5.64
Managerial commission payable Dr. K.P. Singh 250.00 250.00
Mr. Rajiv Singh 250.00 250.00
Mr. T.C. Goyal 190.00 190.00
Ms. Pia Singh 100.00 100.00
166
Notes to the Consolidated Financial Statements (Contd.)
(` in lac)
Key Managerial Personnel (KMP) and their Relatives
Description Name of the KMP and their relatives 2013 2012
Advance received under agreement to sell € Mr. T.C. Goyal 352.62 302.77
Mrs. Sharda Goyal 496.62 455.23
Mr. Dhiraj Sarna 2,194.02 2,194.02
Mr. Rajiv Singh 936.60 936.60
Ms. Pia Singh 1,053.11 955.67
Unsecured loan payable Ms. Pia Singh 15,000.00 -
Interest payable Ms. Pia Singh 171.52 -
Security deposit received Mr. Dhiraj Sarna 12.66 -
€ Revenue has been recognised as per the percentage of completion method (refer accounting policy no. i(i)(a)) on a project as a whole
and not on individual unit basis.
32. The Group is primarily engaged in the business of colonization and real estate development, which
as per Accounting Standard – 17 on “Segment Reporting” notied pursuant to the Companies
(Accounting Standard) Rules, 2006 issued by the Central Government in exercise of the powers
conferred under sub-section (1) (a) of Section 642 of the Companies Act, 1956 is considered to be the
only reportable business segment. The Group is primarily operating in India which is considered as a
single geographical segment.
33. Information to be disclosed in accordance with AS-19 on ‘Leases’
A. Assets given on lease *
(` in lac)
Class of assets Gross block as on March
31, 2013
Depreciation for the year
2012-13
Accumulated
depreciation as on March
31, 2013
i) Fixed assets
Land and building including interiors 1, 242,760.68 33,898.28 139,025.25
ii) Current assets
(Constructed buildings including land
and related equipments)
Lease hold 2,830.52 42.77 749.76
Free hold 12,015.35 244.24 1,230.35
* includes partly self occupied
Operating lease
The Company has leased facilities under non-cancelable operating leases. The future minimum lease
payment receivables in respect of these leases as at March 31, 2013 are:
(` in lac)
Particulars 2013 2012
Upto one year 113,119.96 113,533.07
Two to ve years 81,030.45 99,738.52
More than ve years 3,064.19 3,168.52
197,214.60 216,440.12
Figures disclosed above are gross of eliminations
167
B. Assets taken on lease
i) Operating lease
The minimum operating lease payments for the initial lease period are as under:
(` in lac)
Particulars 2013 2012
Not later than one year 7,249.65 7,080.84
Later than one year but not later than ve years 18,658.46 19,366.69
Later than ve years 18,183.59 12,809.16
Lease payment made during the year recognised in the statement of prot and loss 9,738.94 9,622.75
Sub-lease payment received recognised in the statement of prot and loss 492.20 1,125.56
Figures disclosed above are gross of eliminations
In respect of DLF Utilities Limited (“DUL”), a subsidiary of DLF Limited, the buildings for
‘Multiplex Theatres’ are taken on lease with the initial lease terms ranging from 3 to 4.5 years.
These leases are further renewable subject to enhancement of rent by 10% on the expiry of the
lease period. There are no restrictions imposed for sub-leasing as per the lease arrangement.
“DUL” sub-leases the areas in the multiplexes for food courts.
ii) Finance lease
The minimum nance lease payments for the initial lease period are as under:
(` in lac)
Particulars 2013 2012
Principal
Not later than one year 28.49 -
Later than one year but not later than ve years 112.77 78.51
Interest
Not later than one year 10.01 -
Later than one year but not later than ve years 16.60 -
34. Employee Stock Option Scheme, 2006 (ESOP)
a) During the year ended March 31, 2007, the Company had announced an Employee Stock Option
Scheme (the “Scheme”) for all eligible employees of the Company, its subsidiaries, joint ventures
and associates. Under the Scheme, 17,000,000 equity shares have been earmarked to be granted
under the Scheme and the same will vest as follows:
Block I Block II Block III
Year 2 Year 4 Year 6
10% of the total grant 30% of the total grant 60% of the total grant
Pursuant to the above Scheme, the employee will have the option to exercise the right within three
years from the date of vesting of shares at ` 2 per share, being its exercise price.
168
Notes to the Consolidated Financial Statements (Contd.)
b) As per the Scheme, the Remuneration Committee has granted options as per details below :
Grant No. Date of grant Number of options granted Outstanding options as on March
31, 2013 (Net of options exercised /
forfeited)
I J uly 1, 2007 3,734,057
(3,734,057)
1,460,730
(1,609,050)
II October 10, 2007 308,077
(308,077)
85,330
(94,921)
III J uly 1, 2008 1,645,520
(1,645,520)
777,236
(1,029,194)
IV October 10, 2008 160,059
(160,059)
65,682
(72,486)
V J uly 1, 2009 3,355,404
(3,355,404)
2,277,680
(2,515,651)
VI October 10, 2009 588,819
(588,819)
493,577
(504,735)
According to the Guidance Note 18 on “Share Based Payments” issued by The Institute of Chartered
Accountants of India (ICAI), ` 3,249.50 lac (previous year ` 3,889.80 lac) have been provided
during the year as proportionate cost of ESOPs.
c) Outstanding stock options for equity shares of the Company under the “Employee Stock Option
Scheme”:

2013
Grant No. Date of grant Exercise price
`
Numbers
outstanding
Number of options
committed to be granted
in the future
Total
I J uly 1, 2007 2 1,460,760
(1,609,050)
---
(---)
1,460,760
(1,609,050)
II October 10, 2007 2 85,330
(94,921)
---
(---)
85,330
(94,921)
III J uly 1, 2008 2 777,236
(1,029,194)
---
(---)
777,236
(1,029,194)
IV October 10, 2008 2 65,682
(72,486)
---
(---)
65,682
(72,486)
V J uly 1, 2009 2 2,277,680
(2,515,651)
---
(---)
2,277,680
(2,515,651)
VI October 10, 2009 2 493,577
(504,735)
---
(---)
493,577
(504,735)
d) In accordance with the Guidance Note 18 “Share Based Payments” issued by The Institute of
Chartered Accountants of India (ICAI), the following information relates to the stock options granted
by the Company.
169
2013
Particulars Stock options
(numbers)
Range of
exercise
prices
(`)
Weighted
average
exercise prices
(`)
Weighted average
remaining
contractual life
(years)
Outstanding, beginning of the year 5,826,037
(6,961,525)
2
(2)
-
(-)
-
(-)
Add: Granted during the year -
(-)
-
(-)
-
(-)
-
(-)
Less: Forfeited during the year 329,558
(321,863)
2
(2)
2
(2)
-
(-)
Less: Exercised during the year 336,244
(813,625)
2
(2)
2
(2)
-
(-)
Less: Lapsed during the year -
(-)
-
(-)
-
(-)
-
(-)
Outstanding, end of the year 5,160,235
(5,826,037)
2
(2)
2
(2)
2.50
(3.40)
Exercisable at the end of the year 371,983
(322,203)
2
(2)
2
(2)
-
(-)
e) The following table summarizes information about stock options outstanding as at March 31,
2013:
Range of exercise
price (`)
Options outstanding Options exercisable
Numbers Weighted average
remaining
contractual life
(years)
Weighted average
exercise price (`)
Numbers Weighted average
exercise price (`)
2
(2)
5,160,235
(5,826,037)
2.50
(3.40)
2
(2)
371,983
(322,203)
2
(2)
(Figures in brackets pertain to previous year)
The Company has calculated the employee compensation cost using the intrinsic value of the stock
options measured by a difference between the fair value of the underline equity shares at the grant
date and the exercise price. Had compensation cost been determined in a manner consistent with
the fair value method, based on Black–Scholes model, the employees compensation cost would
have been lower by ` 313.73 lac and proforma prot after tax would have been ` 71,403.85 lac
(higher by ` 211.94 lac). On a proforma basis, the basic and diluted earnings per share would have
been ` 4.20 and ` 4.19 respectively.
The fair value of the options granted is determined on the date of the grant using the “Black-Scholes
option pricing model” with the following assumptions:
Particulars Grant I Grant ll Grant lll Grant IV Grant V Grant VI
Dividend yield (%) 0.28 0.28 0.57 0.73 0.86 0.64
Expected life (no. of years) 6.50 6.50 5.50 5.50 5.50 5.50
Risk free interest rate (%) 8.37 8.09 9.46 8.17 6.75 7.26
Volatility (%) 82.30 82.30 52.16 59.70 86.16 81.87
170
Notes to the Consolidated Financial Statements (Contd.)
35. Cash settled options
a) Under the Employee Shadow Option Scheme, (the ‘Scheme’) employees are entitled to get cash
compensation based on the average market price of equity share of the Company, upon exercise
of shadow option on a future date. As per the Scheme, Shadow options will vest as follows:
Tranche Date of Grant * Vesting at the
end of year 1
Vesting at the
end of year 2
Vesting at the
end of year 3
Vesting at the
end of year 4
Vesting at the
end of year 7
I J uly 1, 2007 - 50% - 50% -
II September 1, 2007 - 50% - 50% -
III J uly 1, 2008 - 50% 50% - -
IV October 1, 2008 - 50% 50% - -
V J uly 1, 2009 - 100% - - -
VI August 1, 2010 - - - - 100%
VII November 1, 2012 33.33% 33.33% 33.34% - -
b) Details of outstanding options and the expenses recognised under the Employee Shadow Option
Scheme / Employee Phantom Options Scheme are as under:
No. of Shadow
options
outstanding as
on March 31,
2013
Exercise
price
Average
market price
Fair value
of shadow
option
Total expenses charged
to the Statement
of Prot and Loss
(Included in Note No. 22
Employee benets)
Liability as on March 31,
2013 (Included in Note
No. 6 Provisions -
Employee benets)
(No.) `/Option `/Option `/Option ` in lac ` in lac
902,310 2 261.39 259.39 605.71 864.14
(720,918) (2) (199.70) (197.70) (488.72) (460.26)
(Figures in brackets pertain to previous year)
* For tranche I and II, 50% options have already been vested in the nancial year ended March 31, 2010 and remaining 50% vested in
previous nancial year ended March 31, 2012. For tranche III & IV, 50% options vested in the nancial year ended March 31, 2011 and
remaining 50% vested in previous nancial year ended March 31, 2012. For tranche V, part of the options vested in previous nancial
year ended March 31, 2012, hence remaining of tranche V, and entire tranche VI and VII are disclosed above.
36. Investment in Joint Ventures
The interest of the Group in major J oint Ventures is listed below:
S. No. Joint venture Location Principal activities Ownership
interest
1 Banjara Hills Hyderabad Complex Hyderabad Development and construction of shopping
mall
50%
2 Cleva Builders and Developers Private Limited
(till December 28, 2012) *
New Delhi Development and construction of residential
projects
50%
3 DLF Gayatri Home Developers Private Limited Hyderabad Development and construction of residential
projects
50%
4 DLF Limitless Developers Private Limited New Delhi Construction and development of
townships
50%
5 DLF Green Valley New Delhi Development and construction of residential
projects
50%
171
S. No. Joint venture Location Principal activities Ownership
interest
6 DLF Gayatri Developers Gurgaon Development of residential township 42.50%
7 DLF SBPL Developers Private Limited New Delhi Construction and development of
townships
50%
8 GSG DRDL Consortium Hyderabad Development and construction of shopping
Malls
50%
9 Kujjal Builders Private Limited
(till March 30, 2013)
New Delhi Construction and development of hotels 50%
10 Prowess Buildcon Private Limited
(till December 28, 2012) *
New Delhi Development and construction of residential
projects
50%
11 Saket Courtyard Hospitalty Private Limited Gurgaon Hotel operations/Development and
construction of residential projects
50%
12 YG Realty Private Limited Gurgaon Development and construction of
commercial projects
50%
* Refer note 40
37. Contingent liabilities and commitments not provided for
(` in lac)
Particulars 2013 2012
(I) Contingent liabilities
a) Guarantees on behalf of third parties 67,758.63 70,391.85
b) Claims against the Group (including unasserted claims) not acknowledged as debts * 110,947.64 94,143.43
c) Demand in excess of provisions (pending in appeals):
Income-tax 452,162.25 355,630.31
Other taxes 20,497.80 58,252.05
d) Letter of credit issued on behalf of the Group 243.33 243.33
e) Liabilities under export obligations in EPCG scheme 7,911.44 8,950.83
f) Compensation for delayed possession 5,732.78 3,009.59
g) Miscellaneous 1,114.54 623.86
(II) Commitments*
a) Capital expenditure commitments 345,641.00 548,568.79
b) Other commitments 20,616.40 3,402.77
c) The Company has undertaken to provide continued nancial support to J oyous Housing Limited (an associate company) for
execution of its project at Tulsiwadi, Mumbai.
* Interest on certain claims may be payable as and when the outcome of the related claim is finally determined and has not been
included above.
38. The statutory auditors of one of the subsidiary company namely, Silverlink Resorts Limited (‘Silverlink’)
in their report have qualied certain balances in translation reserve and accumulated losses brought
forward from the nancial year ended December 31, 2004 as these are yet to be fully reconciled. These
reconciliations pertain prior to acquisition of Silverlink by the Company. The management of Silverlink
is of the opinion that reconciliation, if any, will not have any impact on the net worth of the Company.
Further, the difference, if any, in reconciliation will inter-alia, change only the balance in translation
reserve and accumulated brought forward losses pertaining to prior to acquisition of Silverlink.
172
Notes to the Consolidated Financial Statements (Contd.)
39. Income tax and other matters
a) As already reported in the earlier periods, disallowance of SEZ prots u/s 80IAB of the Income
Tax Act were made by the Income Tax Authorities during the assessments of the Company and
its certain subsidiaries raising demands amounting to ` 138,713.95 lac for the assessment year
2009-10 and ` 164,341.78 lac for the assessment year 2008-09.
Further during the year ended March 31, 2013, disallowance of SEZ prots u/s 80IAB of the
Income Tax Act were made by the Income Tax Authorities towards its certain subsidiaries raising
demands amounting to ` 23,985.45 lac for the assessment year 2010-11.
The Company and the respective subsidiary companies had led appeals before the appropriate
appellate authorities against these demands for the said assessment years. In certain cases
partial relief has been granted by the CIT (Appeals). The Company, its respective subsidiaries
and Income Tax Department further preferred the appeals before the ITAT in those cases.
Based on the advice from independent tax experts and development on the appeals, the
Company and the subsidiary companies are condent that additional tax so demanded will
not be sustained on completion of the appellate proceedings and accordingly, pending the
decision by the appellate authorities, no provision has been made in these consolidated nancial
statements.
b) During the year ended March 31, 2011, the Company and two of its subsidiary companies
received two judgments from the Hon’ble High Court of Punjab and Haryana cancelling the
release/ sale deed of land relating to two IT SEZ/IT Park Projects in Gurgaon. The Company and
the subsidiary companies have led Special Leave Petitions (SLPs) challenging the orders in the
Hon’ble Supreme Court of India.
The Hon’ble Supreme Court admitted the matters and stayed the operation of the impugned
judgment till further orders in both the cases.
Based on the advice of the independent legal counsels, the Company and the subsidiary
companies have a reasonably strong likelihood of succeeding before the Hon’ble Supreme
Court. Pending the nal decisions on the above matter, no adjustment has been done in these
consolidated nancial statements.
c) The Competition Commission of India (CCI) on a complaint led by the Belaire/Park Place owners
associations had passed orders dated August 12, 2011 and August 29, 2011 wherein the CCI
had imposed a penalty of ` 63,000 lac on DLF, restrained DLF from formulating and imposing
allegedly unfair conditions with buyers in Gurgaon and further ordered to suitably modify the
alleged unfair conditions on its buyers.
The said order of CCI is challenged by DLF on several grounds by ling appeals before the
Competition Appellate Tribunal (COMPAT).
COMPAT has granted stay against the orders of CCI imposing penalty. During subsequent
hearings they have further ordered that the directions of CCI for modications of terms of the
agreement shall remain in abeyance.
The appeals are part heard and are listed before COMPAT on J uly 15, 2013 for nal hearing.
Pending the nal decisions, no adjustment has been done in these consolidated nancial
statements.
173
40. Consolidated nancial statements comprise the nancial statements of DLF Limited, its subsidiaries,
J oint ventures and associates during the year ended March 31, 2013 listed below:
A) Subsidiaries
i) Subsidiaries having accounting year ended March 31, 2013 with the percentage of ownership
of DLF Group.
S. No. Name of entity Country of
Incorporation
Proportion of
ownership (%) as
at March 31, 2013
1 Aadarshini Real Estate Developers Private Limited India 98.49
2 Abhigyan Builders & Developers Private Limited India 94.02
3 Abhiraj Real Estate Private Limited India 98.49
4 Adelie Builders & Developers Private Limited # India 100.00
5 Adeline Builders & Developers Private Limited India 98.49
6 Adone Hotels & Hospitality Limited ** India 100.00
7 Americus Real Estate Private Limited India 98.49
8 Amishi Builders & Developers Private Limited India 98.49
9 Annabel Builders & Developers Private Limited India 51.00
10 Ariadne Builders & Developers Private Limited India 99.92
11 Armand Builders & Constructions Private Limited India 98.49
12 Balaji Highways Holding Private Limited India 51.00
13 Bedelia Builders & Constructions Private Limited ## India 100.00
14 Benedict Estates Developers Private Limited India 94.02
15 Berenice Real Estate Private Limited India 98.49
16 Bhamini Real Estate Developers Private Limited India 99.70
17 Breeze Constructions Private Limited India 100.00
18 Cachet Real Estates Private Limited India 98.49
19 Calvine Builders & Constructions Private Limited India 98.49
20 Caraf Builders & Constructions Private Limited India 99.92
21 Catriona Builders & Constructions Private Limited # India 100.00
22 Cee Pee Maintenance Services Limited India 100.00
23 Chakradharee Estates Developers Private Limited India 94.02
24 Chandrajyoti Estate Developers Private Limited India 100.00
25 Comfort Buildcon Limited India 100.00
26 Cyrilla Builders & Constructions Limited India 100.00
27 Dae Real Estates Private Limited India 94.02
28 Dalmia Promoters and Developers Private Limited India 100.00
29 Dankuni World City Limited ## India 100.00
30 Delanco Home and Resorts Private Limited India 99.70
31 Delanco Real Estate Private Limited # India 100.00
32 Delanco Realtors Private Limited India 99.70
33 Deltaland Buildcon Private Limited India 99.70
34 Deltaland Real Estate Private Limited India 98.49
174
Notes to the Consolidated Financial Statements (Contd.)
S. No. Name of entity Country of
Incorporation
Proportion of
ownership (%) as
at March 31, 2013
35 DHDL Wind Power Private Limited ## India
100.00
36 Dhoomketu Builders & Developers Private Limited
(till J anuary 18, 2013) ***
India 100.00
37 Digital Talkies Private Limited India 97.68
38 Diwakar Estates Limited India 100.00
39 DLF Aspinwal Hotels Private Limited India 100.00
40 DLF Assets Private Limited India 99.92
41 DLF City Centre Limited India 98.82
42 DLF City Developers Private Limited India 100.00
43 DLF Cochin Hotels Private Limited India 100.00
44
DLF Comfort Hotels Private Limited #
India
100.00
45 DLF Commercial Developers Limited India 100.00
46 DLF Construction Limited India 100.00
47 DLF Cyber City Developers Limited India 99.92
48 DLF Developers Limited ## India
100.00
49 DLF Emporio Limited
(formerly Regency Park Property Management Services Limited)
India 99.06
50 DLF Emporio Restaurants Limited India 98.49
51 DLF Energy Private Limited India 99.92
52 DLF Estate Developers Limited India 100.00
53
DLF Financial Services Limited #
India
100.00
54 DLF Finvest Limited India 100.00
55 DLF Garden City Indore Private Limited India 51.00
56 DLF Global Hospitality Limited Cyprus 100.00
57 DLF Golf Resorts Limited India 100.00
58 DLF Gurgaon Developers Limited ## India
100.00
59
DLF Haryana SEZ (Ambala) Limited #
India
100.00
60
DLF Haryana SEZ (Gurgaon) Limited #
India
100.00
61 DLF Home Developers Limited India 100.00
62
DLF Homes Ambala Private Limited #
India
100.00
63 DLF Homes Goa Private Limited India 100.00
64 DLF Homes Kokapet Private Limited India 100.00
65 DLF Homes Panchkula Private Limited India 51.00
66 DLF Homes Pune Private Limited (till J anuary 18, 2013) *** India 100.00
67 DLF Homes Rajapura Private Limited India 51.00
68 DLF Homes Services Private Limited India 100.00
69 DLF Hospitality and Recreational Limited India 100.00
70 DLF Hotel Holdings Limited India 100.00
71 DLF Hotels & Apartments Private Limited India 100.00
72
DLF India Limited #
India
90.10
175
S. No. Name of entity Country of
Incorporation
Proportion of
ownership (%) as
at March 31, 2013
73 DLF Info City Developers (Chandigarh) Limited India 99.92
74 DLF Info City Developers (Chennai) Limited India 100.00
75 DLF Info City Developers (Kolkata) Limited India 99.92
76 DLF Info Park (Pune) Limited
(formerly Ackruti City Magnum Limited)
India 100.00
77 DLF Info Park Developers (Chennai) Limited India 100.00
78 DLF Inns Limited India 100.00
79 DLF International Holdings Pte. Limited Singapore 100.00
80 DLF International Hospitality Corp. British Virgin Islands 100.00
81 DLF Luxury Hotels Limited India 100.00
82
DLF New Delhi Convention Centre Limited #
India 100.00
83 DLF New Gurgaon Homes Developers Private Limited India 94.02
84 DLF New Gurgaon Ofces Developers Private Limited India 99.40
85 DLF New Gurgaon Retail Developers Private Limited India 99.40
86 DLF Phase-IV Commercial Developers Limited India 100.00
87 DLF Pramerica Life Insurance Company Limited India 74.00
88 DLF Projects Limited India 100.00
89 DLF Promenade Limited
(formerly Beverly Park Maintenance Services Limited)
India 99.92
90 DLF Property Developers Limited India 100.00
91 DLF Raidurg Developers Private Limited India 100.00
92 DLF Real Estate Builders Limited India 100.00
93 DLF Recreational Foundation Limited India 100.00
94 DLF Residential Builders Limited India 100.00
95 DLF Residential Developers Limited India 100.00
96 DLF Residential Partners Limited India 100.00
97 DLF Service Apartments Limited India 100.00
98 DLF Southern Homes Private Limited India 51.00
99 DLF Southern Towns Private Limited India 51.00
100 DLF Telecom Limited India 100.00
101 DLF Trust Management Pte. Limited Singapore 100.00
102 DLF Universal Limited India 98.49
103 DLF Utilities Limited India 99.92
104 DLF Wind Power Private Limited ## India 100.00
105 Domus Real Estate Private Limited India 98.49
106 Domus Realtors Private Limited India 98.49
107 Eastern India Powertech Limited India 100.00
108 Edward Keventer (Successors) Private Limited India 100.00
109 Eila Builders & Developers Private Limited (till March 30, 2013) **** India 100.00
110 Elvira Builders & Constructions Private Limited India 98.49
176
Notes to the Consolidated Financial Statements (Contd.)
S. No. Name of entity Country of
Incorporation
Proportion of
ownership (%) as
at March 31, 2013
111 Faye Builders & Constructions Private Limited India 98.49
112 First City Real Estate Private Limited India 98.49
113 Flora Real Estate Private Limited India 98.49
114 Galleria Property Management Services Private Limited India 71.67
115 Geocities Airport Infrastructures Private Limited ## India 100.00
116 Ghaliya Builders & Developers Private Limited (w.e.f. May 7, 2012) India 94.02
117 Gyan Real Estate Developers Private Limited India 98.49
118 Hampton Furniture Limited India 100.00
119 Hansel Builders & Developers Private Limited India 98.49
120 Hiemo Builders & Developers Private Limited ## India 100.00
121 Highvalue Builders Limited India 100.00
122 Hyacintia Real Estate Developers Private Limited India 99.92
123 Irving Builders & Developers Private Limited India 98.49
124 Isabel Builders & Developers Private Limited India 99.40
125 J ai Luxmi Real Estate Private Limited ## India
92.50
126 J awala Real Estate Private Limited (till October 31, 2012) * India
100.00
127 Khem Buildcon Private Limited ## India 100.00
128 Lada Estates Private Limited India 98.49
129 Laman Real Estates Private Limited India 94.02
130 Latona Builders & Constructions Private Limited India 98.49
131 Lawanda Builders & Developers Private Limited ## India 100.00
132 Lear Builders & Developers Private Limited India 98.49
133 Lempo Buildwell Private Limited India 98.49
134 Liber Buildwell Private Limited India 98.49
135 Livana Builders & Developers Private Limited India 98.49
136 Lizebeth Builders & Developers Private Limited India 94.02
137 Lodhi Property Company Limited India 99.99
138 Marala Real Estate Private Limited ** India 100.00
139 Mariposa Builders & Developers Private Limited India 98.49
140 Melanctha Builders & Developers Private Limited
(w.e.f. November 9, 2012)
India 94.02
141 Melosa Builders & Developers Private Limited India 98.49
142 Mens Buildcon Private Limited India 100.00
143 Mhaya Buildcon Private Limited India 100.00
144 Monroe Builders & Developers Private Limited India 100.00
145 Nambi Buildwell Private Limited India 100.00
146 Nellis Builders & Developers Private Limited India 100.00
147 NewGen MedWorld Hospitals Limited India 100.00
148
Nilayam Builders & Developers Limited #
India 100.00
177
S. No. Name of entity Country of
Incorporation
Proportion of
ownership (%) as
at March 31, 2013
149 Paliwal Developers Limited India 100.00
150 Paliwal Real Estate Limited India 100.00
151 Pee Tee Property Management Services Limited India 100.00
152 Penthea Builders & Developers Private Limited (till March 25, 2013) India 94.43
153 Philana Builders & Developers Private Limited India 94.02
154 Phoena Builders & Developers Private Limited India 94.02
155 Prompt Real Estate Limited India 100.00
156 Pyrite Builders & Constructions Private Limited India 98.49
157 Qabil Builders & Constructions Private Limited India 98.49
158 Rachelle Builders & Constructions Private Limited India 98.49
159 Rati Infratech Private Limited ## India 100.00
160 Richmond Park Property Management Services Limited India 98.49
161 Riveria Commercial Developers Limited India 100.00
162 Rochelle Builders & Constructions Private Limited India 98.49
163 Royalton Builders & Developers Private Limited India 98.49
164 Saguna Builders & Developers Private Limited India 98.49
165 Saket Holidays Resorts Private Limited India 100.00
166 Shivajimarg Properties Limited ## India 100.00
167 Silver Oaks Property Management Services Limited India 100.00
168 Springhills Infratech Private Limited ## India 100.00
169 Star Alubuild Private Limited India 60.02
170 Sunlight Promoters Limited India 100.00
171 Triumph Electronics Private Limited India 100.00
172 Urvasi Infratech Private Limited India 100.00
173 Valini Builders & Developers Private Limited India 100.00
174 Vibodh Developers Private Limited India 94.02
175 Vilina Estate Developers Private Limited India 98.49
176 Vinanti Builders & Developers Private Limited India 98.49
177 Vkarma Capital Investment Management Company Private Limited India 100.00
178 Vkarma Capital Trustee Company Private Limited India 100.00
179 Webcity Builders & Developers Private Limited India 94.02
180 Zola Real Estate Private Limited India 100.00
181 Zoria Infratech Private Limited ## India 100.00
Proportion of ownership (%) as at the date till it was subsidiary
# Pursuant to the orders of the Hon’ble High Court of Delhi and Hon’ble High Court of Punjab and Haryana at Chandigarh by
virtue of scheme of arrangement, these entities have merged with DLF Universal Limited w.e.f. September 28, 2012. Accordingly, the
transactions with the said entities during the year ended March 31, 2013 and balance outstanding thereto on that date have been
disclosed as transactions with and balances outstanding to as the case may be, DLF Universal Limited during the year ended and as
of March 31, 2013.
## Pursuant to the order of the Hon’ble High Court of Delhi by virtue of scheme of arrangement, these entities have been merged with
178
Notes to the Consolidated Financial Statements (Contd.)
DLF Home Developers Limited w.e.f. December 28, 2012. Accordingly the transactions with the said entities during the year ended
March 31, 2013 and balance outstanding thereto on that date have been disclosed as transactions with and balances outstanding to
as the case may be, DLF Home Developers Limited during the year ended and as of March 31, 2013.
* The Company along with its two wholly-owned subsidiaries divested its entire stake in J awala Real Estate Private Limited (J awala)
(a wholly-owned subsidiary company). Consequent to divestment, J awala has ceased to be a subsidiary of the Company with effect
from November 1, 2012.
** During the year, DLF Hotel Holdings Limited , a wholly-owned subsidiary of DLF Limited divested its entire stake in subsidiaries
namely Adone Hotels & Hospitality Limited and Marala Real Estate Private Limited. Consequent to divestment, these have been
ceased to be subsidiaries of the Company with effect from J une 12, 2012.
*** The Company along with its subsidiaries divested its entire stake in subsidiaries, namely Dhoomketu Builders & Developers Private
Limited and DLF Homes Pune Private Limited. Consequent to divestment, these companies have been ceased to be subsidiaries of
the Company with effect from J anauary 19, 2013.
**** DLF Hotel Holdings Limited, one of the wholly-owned subsidiary of DLF Limited, divested 55% stake of its wholly-owned subsidiary
Eila Builders & Developers Private Limited (“Eila”). Consequent to divestment, Eila has ceased to be a subsidiary of the Company with
effect from March 31, 2013 and is consolidated as an Associate entity in these consolidated nancial statements.
ii) The accounting year for the below entities being the calendar year, their nancial statements as
at December 31, 2012 have been considered for consolidation in these consolidated nancial
statements. Further, no adjustment is considered necessary in the consolidated nancial
statements for the period from J anuary 1 to March 31, 2013, as the management believes that no
material event, affecting the nancial position of the subsidiary and its constituents, has occurred
during this period.
S. No. Name of entity Country of
Incorporation
Proportion of
ownership (%)
1 Aman Gocek Insatt Taahhut Turizm Sanayi ve Ticaret AS Turkey 100.00
2 Amancruises (2006) Company Limited Thailand 100.00
3 Amancruises Company Limited Thailand 100.00
4 Amankila Resorts Limited British Virgin Islands 100.00
5 Amanproducts Limited British Virgin Islands 100.00
6 Amanresorts B.V. Netherlands 100.00
7 Amanresorts International Pte Limited Singapore 100.00
8 Amanresorts IPR B.V. Netherlands 100.00
9 Amanresorts Limited Hong Kong 100.00
10 Amanresorts Limited British Virgin Islands 100.00
11 Amanresorts Management B.V. Netherlands 100.00
12 Amanresorts Services Limited British Virgin Islands 100.00
13 Amanresorts Technical Services B.V. Netherlands 100.00
14 Anbest Holdings Limited British Virgin Islands 100.00
15 Andaman Development Company Limited Thailand 100.00
16 Andaman Holdings Limited British Virgin Islands 100.00
17 Andaman Resorts Company Limited Thailand 100.00
18 Andaman Thai Holding Company Limited Thailand 100.00
19 Andes Resort Limited SAC Peru 100.00
20 Aradal Company N.V. Netherlands Antilles 100.00
21 ARL Marketing Inc. USA 100.00
179
S. No. Name of entity Country of
Incorporation
Proportion of
ownership (%)
22 ARL Marketing Limited British Virgin Islands 100.00
23 ASL Management (Palau) Limited Palau 100.00
24 Balina Pansea Company Limited British Virgin Islands 100.00
25 Barbados Holdings Limited British Virgin Islands 100.00
26 Bhosphorus Investments Limited British Virgin Islands 100.00
27 Bhutan Hotels Limited British Virgin Islands 100.00
28 Bhutan Resorts Private Limited Bhutan 60.00
29 Bodrum Development Limited British Virgin islands 100.00
30 Ceylon Holdings B.V. Netherlands 100.00
31 Columbo Resort Holdings N.V. Netherlands Antilles 100.00
32 Current Finance Limited British Virgin Islands 100.00
33 Fonton Limited # British Virgin Islands 100.00
34 Forerun Group Limited British Virgin Islands 100.00
35 Goyo Services Limited British Virgin Islands 60.00
36 Guardian International Private Limited India 100.00
37 Gulliver Enterprises Limited British Virgin Islands 100.00
38 Heritage Resorts Private Limited India 51.00
39 Hospitality Trading Limited British Virgin Islands 100.00
40 Hotel Finance International Limited British Virgin Islands 100.00
41 Hotel Sales Services Private Limited Sri Lanka 100.00
42 Hotel Sales Services Limited British Virgin Islands 100.00
43 Incan Valley Holdings Limited British Virgin Islands 100.00
44 J alisco Holdings Pte. Limited Singapore 100.00
45 Lao Holdings Limited British Virgin Islands 100.00
46 Le Savoy Limited British Virgin Islands 81.00
47 LP Hospitality Company Limited Laos 100.00
48 Marrakech Investments Limited British Virgin Islands 100.00
49 Mulvey B.V. Netherlands 100.00
50 Mulvey Venice S.r.l. Italy 100.00
51 Naman Consultants Limited British Virgin Islands 51.00
52 NOH (Hotel) Private Limited Sri Lanka 51.00
53 Norman Cay’s Holdings Limited Bahamas 100.00
54 Nusantara Island Resorts Limited British Virgin Islands 60.00
55 Otemachi Tower Resorts Company Limited J apan 100.00
56 P.T. Amanresorts Indonesia Indonesia 100.00
57 P.T. Amanusa Resort Indonesia Indonesia 60.00
58 P.T. Indrakila Villatama Development Indonesia 60.00
59 P.T. Moyo Safari Abadi Indonesia 52.70
60 P.T. Nusantara Island Resorts Indonesia 60.00
180
Notes to the Consolidated Financial Statements (Contd.)
S. No. Name of entity Country of
Incorporation
Proportion of
ownership (%)
61 P.T. Villa Ayu Indonesia 60.00
62 P.T. Tirta Villa Ayu Indonesia 100.00
63 Palawan Holdings Limited British Virgin Islands 100.00
64 Phraya Riverside (Bangkok) Company Limited Thailand 100.00
65 Princiere Resorts Limited Cambodia 100.00
66 Puri Limited British Virgin Islands 100.00
67 Queensdale Management Limited # British Virgin Islands 51.00
68 Red Acres Development Limited # British Virgin Islands 100.00
69 Regent Asset Finance Limited British Virgin Islands 100.00
70 Regent Land Limited Cambodia 100.00
71 Regional Design & Research B.V. Netherlands 60.00
72 Regional Design & Research N.V. Netherlands Antilles 60.00
73 Serendib Holdings B.V. Netherlands 100.00
74 Silver-Two (Bangkok) Company Limited Thailand 100.00
75 Silverlink (Mauritius) Limited Mauritius 100.00
76 Silverlink (Thailand) Company Limited Thailand 100.00
77 Silverlink Resorts Limited British Virgin Islands 100.00
78 Societe Nouvelle de L’Hotel Bora Bora French Polynesia 100.00
79 Tahitian Resorts Limited British Virgin Islands 100.00
80 Tangalle Property (Private) Limited Sri Lanka 51.00
81 Toscano Holdings Limited British Virgin Islands 100.00
82 Universal Hospitality Limited # British Virgin Islands 100.00
83 Villajena Development Company Limited British Virgin Islands 100.00
84 Yucatan Holdings Pte. Limited Singapore 100.00
85 Zeugma Limited British Virgin Islands 80.00
# These entities are not consolidated as they are in process of liquidation.
B) Partnership Firms
S. No. Name of Partnership rm Country of Origin Proportion of
ownership(%) as at
March 31, 2013
1 DLF Commercial Projects Corporation India 100.00
2 DLF Gayatri Developers India 42.50
3 DLF GK Residency India 100.00
4 DLF Green Valley India 50.00
5 DLF Ofce Developers India 85.00
6 DLF South Point India 100.00
7 Kavicon Partners India 100.00
8 Rational Builders and Developers India 90.00
181
C) Joint Ventures
S. No. Name of Joint Venture Country of
Incorporation / Origin
Proportion of
ownership (%) as at
March 31, 2013
1 Banjara Hills Hyderabad Complex India 50.00
2 Cleva Builders and Developers Private Limited (till December 28,
2012) #
India 50.00
3 DLF Gayatri Developers India 42.50
4 DLF Green Valley India 50.00
5 DLF Gayatri Home Developers Private Limited India 50.00
6 DLF Limitless Developers Private Limited India 50.00
7 DLF SBPL Developers Private Limited India 50.00
8 GSG DRDL Consortium India 50.00
9 Kujjal Builders Private Limited (till March 30, 2013) India 50.00
10 Prowess Buildcon Private Limited (till December 28, 2012) # India 50.00
11 Saket Courtyard Hospitalty Private Limited India 50.00
12 YG Realty Private Limited India 50.00
# Pursuant to the orders of the Hon’ble High Court of Delhi and Hon’ble High Court of Punjab and Haryana at Chandigarh by virtue
of scheme of arrangement, Cleva Builders and Developers Private Limited and Prowess Buildcon Private Limited have been merged
with Saket Courtyard Hospitalty Private Limited w.e.f. December 28, 2012. Accordingly, the transactions with the said entities during
the year ended March 31, 2013 and balance outstanding thereto on that date have been disclosed as transactions with and balances
outstanding to as the case may be, Saket Courtyard Hospitalty Private Limited during the year ended and as of March 31, 2013.
D) Associates
S. No. Name of Associate Country of
Incorporation
Proportion of
ownership (%) as at
March 31, 2013
1 Australian Resort Limited British Virgin Islands 50.00
2 Designplus Architecture Private Limited (w.e.f. April 1, 2012) India 42.49
3 Eila Builders & Developers Private Limited (w.e.f. March 31, 2013) India 45.00
4 Galaxy Mercantiles Limited India 40.15
5 Island Aviation Inc Philippines 21.00
6 J oyous Housing Limited India 37.50
7 Kyoto Resorts YK J apan 33.30
8 Pamalican Island Holdings Inc Philippines 21.00
9 Pamalican Resorts Inc Philippines 21.00
10 Pansea Tourism Co. Limited Thailand 50.00
11 P.T. J awa Express Amanda Indah Indonesia 50.00
12 Rapid Metrorail Gurgaon Limited India 26.00
13 Regional D & R Limited U.K 50.00
14 Revlys SA Moracco 50.00
15 Seven Seas Resorts and Leisure Inc Philippines 21.00
16 Surin Bay Co. Limited Thailand 50.00
17 Villajena Moracco 50.00
182
Notes to the Consolidated Financial Statements (Contd.)
41. Amalgamation / Merger of subsidiaries
A. Petitions for amalgamations were led before the Hon’ble High Court of Delhi at New Delhi and
Hon’ble High Court of Punjab and Haryana at Chandigarh by various subsidiary companies as
per details given below. As mentioned against each, the respective Hon’ble High Courts have
approved/sanctioned the scheme of amalgamation, which were led with the Registrar of Companies
(“ROC”), NCT of Delhi & Haryana thereby making the scheme of amalgamation effective from the
appointed date. Accordingly, nancial statements of these companies are merged to give effect
of the amalgamation/arrangement. All transferor companies and transferee companies are direct/
indirect subsidiaries of the Company.
S. No. Name of transferee company Name of transferor companies Date of ling of Order
with ROC i.e. effective
date
1. DLF Universal Limited
(a subsidiary of DLF Limited)
1. Adelie Builders & Developers Private Limited
2. Catriona Builders & Constructions Private Limited
3. Delanco Real Estate Private Limited
4. DLF Comfort Hotels Private Limited
5. DLF Financial Services Limited
6. DLF Haryana SEZ (Ambala) Limited
7. DLF Haryana SEZ (Gurgaon) Limited
8. DLF Homes Ambala Private Limited
9. DLF India Limited
10. DLF New Delhi Convention Centre Limited
11. Nilayam Builders & Developers Limited
September 28, 2012
2. DLF Home Developers Limited
(Wholly-owned subsidiary of
DLF Limited)
1. Bedelia Builders & Constructions Private Limited
2. Dankuni World City Limited
3. DHDL Wind Power Private Limited
4. DLF Developers Limited
5. DLF Gurgaon Developers Limited
6. DLF Wind Power Private Limited
7. Geocities Airport Infrastructures Private Limited
8. Hiemo Builders & Developers Private Limited
9. J ai Luxmi Real Estate Private Limited
10. Khem Buildcon Private Limited
11. Lawanda Builders & Developers Private Limited
12. Rati Infratech Private Limited
13. Shivajimarg Properties Limited
14. Springhills Infratech Private Limited
15. Zoria Infratech Private Limited
December 28, 2012
3. Saket Courtyard Hospitalty
Private Limited (a J V company)
1. Cleva Builders & Developers Private Limited
2. Prowess Buildcon Private Limited
December 28, 2012
B. In addition to above, the following subsidiary companies have also led amalgamation petitions as
per details below before the Hon’ble High Court of Delhi at New Delhi and Hon’ble High Court of
Punjab and Haryana at Chandigarh as per the respective jurisdictions during the year. The orders
for sanction from the respective High Courts are awaited and hence, no effect thereto has been
given in the consolidated nancial statements:
183
S. No. Name of
transferee
company
Name of transferor companies Date of Board
meeting
approving the
Scheme of
Amalgamation
Appointed /
Transfer Date
as per the
Scheme of
Amalgamation
1. DLF Home
Developers Limited
(Wholly-owned
subsidiary of DLF
Limited)
1. Cyrilla Builders & Constructions Limited
2. DLF New Gurgaon Homes Developers Private Limited
3. DLF New Gurgaon Ofces Developers Private Limited
4. Valini Builders & Developers Private Limited
September 21,
2012
April 1, 2011
2. DLF Projects
Limited (Wholly-
owned subsidiary of
DLF Limited)
1. DLF Construction Limited
2. DLF Hotels & Apartments Private Limited
September 25,
2012
April 1, 2011
3. Paliwal Real Estate
Limited (Wholly-
owned subsidiary
of DLF Limited)
1. Cee Pee Maintenance Services Limited
2. Comfort Buildcon Limited
3. Highvalue Builders Limited
4. Pee Tee Property Management Services Limited
5. Prompt Real Estate Limited
6. Silver Oaks Property Management Services Limited
7. Sunlight Promoters Limited
December 11,
2012
April 1, 2012
42. Major divestments
a) DLF Global Hospitality Limited (“DGHL”), 100 percent step-down subsidiary of DLF Limited,
and Mahaman Assets Limited (“Mahaman”) has entered into Share Purchase Agreement on
December 12, 2012 to sell DGHL’s 100% shareholding in Silverlink Resorts Limited (“Silverlink”)
at an enterprise value of approximately USD 300 million. This is considered as an initial disclosure
event for the discontinued operations. As per the terms of the agreement, the transaction was
slated for nal closure by end of February 2013, subsequently DLF and Mahaman have extended
the date of closure of this transaction to J une 30, 2013. Pending the closure of the transaction,
no effect of the same has been taken in these consolidated nancial statements. Pursuant to the
terms of the Share Purchase Agreement, management foresees an estimated loss of ` 6,500
lac, which has been recorded as an impairment of goodwill created on Silverlink consolidation.
b) DLF Hotel Holdings Limited, one of the wholly-owned subsidiary of DLF Limited, divested
55% stake of its wholly-owned subsidiary Eila Builders & Developers Private Limited (“Eila”).
Consequent to divestment, Eila has ceased to be a subsidiary of the Company with effect from
March 31, 2013.
43. Subsequent events
a) On April 4, 2013, a denitive agreement has been entered between Company’s wholly-owned
subsidiary DLF Home Developers Limited (DHDL) and Violet Green Power Private Limited
(Violet) for transferring of DHDL’s undertaking comprising 33 MW capacity wind turbines situated
at Rajasthan on ‘as is where is basis’ by way of slump-sale for lump sum consideration of ` 5,220
lac. Subject to the fulllment of the terms and conditions by both the parties in accordance with
the said agreement, the said undertaking including assets and liabilities along with relevant long
term loans would be transferred to Violet.
b) On J anuary 13, 2013, the Company has entered into denitive Business Transfer Agreement
with BLP Vayu (Project 1) Private Limited, a subsidiary of Bharat Light & Power Private Limited
for transferring of its undertaking comprising 150 MW capacity wind turbines situated at Kutch,
Gujarat on ‘as is where is basis’ by way of slump-sale for a lump sum consideration of ` 28,230
184
Notes to the Consolidated Financial Statements (Contd.)
lac. Subject to the fulllment of the terms and conditions by both the parties in accordance with
the said agreement, the said undertaking including assets and liabilities along with relevant
long term loans would be transferred to BLP Vayu (Project 1) Private Limited.
As transactions (a) and (b) aforementioned are expected to be consummated on receipt of
requisite regulatory approvals and the closing conditions, no effect of the same is taken in these
consolidated nancial statements.
c) A denite agreement has been entered between the Company’s wholly-owned subsidiary DLF
Home Developers Limited (DHDL) and Tulip Renewable Powertech Private Limited (Tulip).
Accordingly, DHDL’s undertaking comprising 34.5 MW capacity wind turbines situated at
Tamil Nadu including related assets and liabilities along with relevant long term loans of the
said undertaking, has been transferred by DHDL to Tulip on ‘as is where is basis’ by way of
slump-sale for lump sum consideration of ` 18,872 lac on April 4, 2013. As this transaction is
consummated subsequent to the year ended March 31, 2013 no effect of the same is taken in
these consolidated nancial statements.
d) On April 25, 2013, DLF Home Developers Limited along with DLF Projects Limited (both
wholly-owned subsidiaries of the Company) have entered into Share Purchase Agreement to
sell their entire shareholdings in one of the subsidiary company namely Star Alubuild Private
Limited subject to the fulllment of certain terms and conditions as dened in the Share Purchase
Agreement. Pending the closure of the transaction, no effect of the same has been taken in
these consolidated nancial statements.
44. On May 20, 2013, the Company issued 81,018,417 equity shares of face value of ` 2 each at an
issue price of ` 230 per share, aggregating to ` 186,342.36 lac. The Issue was made through the
Institutional Placement Programme in terms of Chapter VIII-A of the Securities and Exchange Board
of India (Issue of Capital and Disclosure Requirements) Regulations, 2009, as amended (the “SEBI
Regulations”) in order to achieve minimum public shareholding of 25%. Post issue, the paid-up share
capital of the company was increased by ` 1,620.37 lac.
45. a) The Group uses forward contracts and swaps to hedge its risks associated with uctuations in
foreign currency and interest rates. The use of Forward contracts and Swaps is covered by Group’s
overall strategy. The Group does not use forward covers and swaps for speculative purposes.
As per the strategy of the Group, foreign currency loans are covered by comprehensive hedge,
considering the risks associated with the hedging of such loans, which effectively xes the
principal and interest liability of such loans and further there is no additional risk involved post
hedging of these loans.
The following are the outstanding forward contracts and swaps as at March 31, 2013:
(` in lac)
2013 2012
For hedging any risks
Secured borrowings* 179,398.23 217,609.06
Interest on secured borrowings 345.68 367.52
* Stated at forward rates
Conversion rate applied 1 USD =` 54.3893 (previous year 1 USD =` 51.16, 1 J PY =` 0.6243, 1 EURO =` 68.34)
185
b) The details of foreign currency exposures that are not hedged by derivative instrument or other
wise included in the creditors is as mentioned below:
(` in lac)
2013 2012
Foreign currency Amount (`) Foreign currency Amount (`)
Secured borrowings
USD 221.32 12,037.71 432 22,099.81
Interest on Secured borrowings
USD 0.76 41.32 2.57 131.30
Unsecured borrowings
USD 156.13 8,491.56 197.53 10,104.71
Interest on Unsecured borrowings
USD 0.85 46.04 0.86 43.93
Conversion rate applied 1 USD =` 54.3893 (previous year 1 USD =` 51.16, 1 J PY =` 0.6243, 1 EURO =` 68.34)
46. Previous year gures have been regrouped/recast wherever necessary to make them comparable
with those of the current period.
For and on behalf of the Board of Directors
Ashok Kumar Tyagi Subhash Setia T.C. Goyal Rajiv Singh
Group Chief Financial Ofcer Company Secretary Managing Director Vice Chairman
For Walker, Chandiok & Co
Chartered Accountants
New Delhi per Vinod Chandiok
May 30, 2013 Partner
186
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Details of Subsidiary Companies (Contd.)
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190
Details of Subsidiary Companies (Contd.)
(
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N
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l

192
Details of Subsidiary Companies (Contd.)
(
`

I
n

l
a
c
)
(
a
)
(
b
)
(
c
)
(
d
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(
e
)
(
f
)
(
g
)
(
h
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D
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1
7
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.
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194
Details of Subsidiary Companies (Contd.)
2. List of Foreign Subsidiaries, name of foreign currency in which Accounts were prepared and Exchange
Rates used for converting the gures in Indian rupees in the statement :
Sl.
No.
Company Accounts
Consolidation
up to
Name of Currency in
which accounts were
prepared
Conversion Rate
222 Aman Gocek Insatt Taahhut Turizm Sanayi ve Ticaret AS 31-Dec-12 Turkish Lira 1 USD =51.1565 Indian Rupees
196 Amancruises (2006) Company Limited 31-Dec-12 Thai Baht 1 SGD =41.2385 Indian Rupees
195 Amancruises Company Limited 31-Dec-12 Thai Baht 1 USD =51.1565 Indian Rupees
180 Amankila Resorts Limited 31-Dec-12 USD 1 SGD =41.2385 Indian Rupees
151 Amanproducts Limited 31-Dec-12 USD 1 USD =51.1565 Indian Rupees
173 Amanresorts B.V. 31-Dec-12 USD 1 USD =51.1565 Indian Rupees
161 Amanresorts International Pte Limited 31-Dec-12 Singapore Dollar 1 USD =51.1565 Indian Rupees
172 Amanresorts IPR B.V. 31-Dec-12 USD 1 USD =51.1565 Indian Rupees
185 Amanresorts Limited 31-Dec-12 USD 1 BHT =0.0316 USD;
1 USD =51.1565 Indian Rupees
190 Amanresorts Limited 31-Dec-12 USD 1 BTN =0.0189 USD;
1 USD =51.1565 Indian Rupees
168 Amanresorts Management B.V. 31-Dec-12 USD 1 USD =51.1565 Indian Rupees
188 Amanresorts Services Limited 31-Dec-12 USD 1 LKR =0.0089 USD;
1 USD =51.1565 Indian Rupees
171 Amanresorts Technical Services B.V. 31-Dec-12 USD 1 IDR =0.0001 USD;
1 USD =51.1565 Indian Rupees
159 Anbest Holdings Limited 31-Dec-12 USD 1 IDR =0.0001 USD;
1 USD =51.1565 Indian Rupees
193 Andaman Development Company Limited 31-Dec-12 Thai Baht 1 IDR =0.0001 USD;
1 USD =51.1565 Indian Rupees
191 Andaman Holdings Limited 31-Dec-12 USD 1 IDR =0.0001 USD;
1 USD =51.1565 Indian Rupees
194 Andaman Resorts Company Limited 31-Dec-12 Thai Baht 1 USD =51.1565 Indian Rupees
197 Andaman Thai Holding Company Limited 31-Dec-12 Thai Baht 1 CFP =0.0108 USD;
1 USD =51.1565 Indian Rupees
158 Andes Resort Limited SAC 31-Dec-12 Peruvian Nuevo Sol 1 LKR =0.0089 USD;
1 USD =51.1565 Indian Rupees
166 Aradal Company N.V. 31-Dec-12 USD 1 BHT =0.0316 USD;
1 USD =51.1565 Indian Rupees
187 ARL Marketing Inc. 31-Dec-12 USD 1 BHT =0.0316 USD;
1 USD =51.1565 Indian Rupees
186 ARL Marketing Limited 31-Dec-12 USD 1 TRY =0.5258 USD;
1 USD =51.1565 Indian Rupees
228 ASL Management (Palau) Limited 31-Dec-12 USD 1 USD =51.1565 Indian Rupees
184 Balina Pansea Company Limited 31-Dec-12 USD 1 USD =51.1565 Indian Rupees
218 Barbados Holdings Limited 31-Dec-12 USD 1 USD =51.1565 Indian Rupees
221 Bhosphorus Investments Limited 31-Dec-12 USD 1 SGD =0.7701 USD;
1 USD =51.1565 Indian Rupees
213 Bhutan Hotels Limited 31-Dec-12 USD 1 USD =51.1565 Indian Rupees
215 Bhutan Resorts Private Limited 31-Dec-12 Bhutan Ngultrum 1 USD =51.1565 Indian Rupees
220 Bodrum Development Limited 31-Dec-12 USD 1 HKD =0.1287 USD;
1 USD =51.1565 Indian Rupees
209 Ceylon Holdings B.V. 31-Dec-12 USD 1 USD =51.1565 Indian Rupees
208 Columbo Resorts Holdings N.V. 31-Dec-12 USD 1 USD =51.1565 Indian Rupees
167 Current Finance Limited 31-Dec-12 USD 1 USD =51.1565 Indian Rupees
143 DLF Global Hospitality Limited 31-Mar-13 USD 1 BHT =0.0316 USD;
1 USD =51.1565 Indian Rupees
132 DLF International Holdings Pte. Limited 31-Mar-13 Singapore Dollar 1 USD =51.1565 Indian Rupees
144 DLF International Hospitality Corp. 31-Mar-13 USD 1 USD =51.1565 Indian Rupees
133 DLF Trust Management Pte. Limited 31-Mar-13 Singapore Dollar 1 BHT =0.0316 USD;
1 USD =51.1565 Indian Rupees
232 Fonton Limited 31-Dec-12 USD 1 PEN =0.3728 USD;
1 USD =51.1565 Indian Rupees
189 Forerun Group Limited 31-Dec-12 USD 1 USD =51.1565 Indian Rupees
179 Goyo Services Limited 31-Dec-12 USD 1 USD =51.1565 Indian Rupees
195
Sl.
No.
Company Accounts
Consolidation
up to
Name of Currency in
which accounts were
prepared
Conversion Rate
214 Gulliver Enterprises Limited 31-Dec-12 USD 1 USD =51.1565 Indian Rupees
152 Hospitality Trading Limited 31-Dec-12 USD 1 USD =51.1565 Indian Rupees
225 Hotel Finance International Limited 31-Dec-12 USD 1 USD =51.1565 Indian Rupees
170 Hotel Sales Services Private Limited 31-Dec-12 Sri Lanka Rupees 1 USD =51.1565 Indian Rupees
153 Hotel Sales Services Limited 31-Dec-12 USD 1 USD =51.1565 Indian Rupees
156 Incan Valley Holdings Limited 31-Dec-12 USD 1 USD =51.1565 Indian Rupees
162 J alisco Holdings Pte. Limited 31-Dec-12 Singapore Dollar 1 USD =51.1565 Indian Rupees
223 Lao Holdings Limited 31-Dec-12 USD 1 USD =51.1565 Indian Rupees
205 Le Savoy Limited 31-Dec-12 USD 1 USD =51.1565 Indian Rupees
224 LP Hospitality Company Limited 31-Dec-12 USD 1 USD =51.1565 Indian Rupees
206 Marrakech Investments Limited 31-Dec-12 USD 1 USD =51.1565 Indian Rupees
163 Mulvey B.V. 31-Dec-12 Euro 1 USD =51.1565 Indian Rupees
164 Mulvey Venice S.r.l. 31-Dec-12 Euro 1 USD =51.1565 Indian Rupees
216 Naman Consultants Limited 31-Dec-12 USD 1 USD =51.1565 Indian Rupees
210 NOH (Hotel) Private Limited 31-Dec-12 Sri Lankan Rupees 1 USD =51.1565 Indian Rupees
160 Norman Cay’s Holdings Limited 31-Dec-12 USD 1 USD =51.1565 Indian Rupees
183 Nusantara Island Resorts Limited 31-Dec-12 USD 1 LKR =0.0089 USD;
1 USD =51.1565 Indian Rupees
227 Otemachi Tower Resorts Company Limited 31-Dec-12 J apanese Yen 1 USD =51.1565 Indian Rupees
169 P.T. Amanresorts Indonesia 31-Dec-12 Indonesia Rupiah 1 USD =51.1565 Indian Rupees
175 P.T. Amanusa Resort Indonesia 31-Dec-12 Indonesia Rupiah 1 SGD =0.7701 USD;
1 USD =51.1565 Indian Rupees
182 P.T. Indrakila Villatama Development 31-Dec-12 Indonesia Rupiah 1 USD =51.1565 Indian Rupees
174 P.T. Moyo Safari Abadi 31-Dec-12 Indonesia Rupiah 1 USD =51.1565 Indian Rupees
183 P.T. Nusantara Island Resorts 31-Dec-12 Indonesia Rupiah 1 USD =51.1565 Indian Rupees
178 P.T. Villa Ayu 31-Dec-12 Indonesia Rupiah 1 EURO =1.2950 USD;
1 USD =51.1565 Indian Rupees
207 Palawan Holdings Limited 31-Dec-12 USD 1 USD =51.1565 Indian Rupees
199 Phraya Riverside (Bangkok) Company Limited 31-Dec-12 Thai Baht 1 USD =51.1565 Indian Rupees
201 Princiere Resorts Limited 31-Dec-12 USD 1 J YP =0.0129 USD;
1 USD =51.1565 Indian Rupees
154 Puri Limited 31-Dec-12 USD 1 IDR =0.0001 USD;
1 USD =51.1565 Indian Rupees
230 Queensdale Management Limited 31-Dec-12 USD 1 IDR =0.0001 USD;
1 USD =51.1565 Indian Rupees
231 Red Acres Development Limited 31-Dec-12 USD 1 IDR =0.0001 USD;
1 USD =51.1565 Indian Rupees
200 Regent Asset Finance Limited 31-Dec-12 USD 1 USD =51.1565 Indian Rupees
202 Regent Land Limited 31-Dec-12 USD 1 BHT =0.0316 USD;
1 USD =51.1565 Indian Rupees
177 Regional Design & Research B.V. 31-Dec-12 USD 1 USD =51.1565 Indian Rupees
176 Regional Design & Research N.V. 31-Dec-12 USD 1 USD =51.1565 Indian Rupees
211 Serendib Holdings B.V. 31-Dec-12 USD 1 USD =51.1565 Indian Rupees
198 Silver-Two (Bangkok) Company Limited 31-Dec-12 Thai Baht 1 USD =51.1565 Indian Rupees
148 Silverlink (Mauritius) Limited 31-Dec-12 USD 1 USD =51.1565 Indian Rupees
192 Silverlink (Thailand) Company Limited 31-Dec-12 Thai Baht 1 USD =51.1565 Indian Rupees
150 Silverlink Resorts Limited (formerly Silverlink Holdings Limited) 31-Dec-12 USD 1 USD =51.1565 Indian Rupees
204 Societe Nouvelle de L’Hotel Bora Bora 31-Dec-12 French Polynesia Francs 1 USD =51.1565 Indian Rupees
203 Tahitian Resorts Limited 31-Dec-12 USD 1 BHT =0.0316 USD;
1 USD =51.1565 Indian Rupees
212 Tangalle Property (Private) Limited 31-Dec-12 Sri Lankan Rupees 1 BHT =0.0316 USD;
1 USD =51.1565 Indian Rupees
226 Toscano Holding Limited 31-Dec-12 USD 1 USD =51.1565 Indian Rupees
229 Universal Hospitality Limited 31-Dec-12 USD 1 USD =51.1565 Indian Rupees
157 Villajena Development Company Limited 31-Dec-12 USD 1 USD =51.1565 Indian Rupees
165 Yucatan Holdings Pte. Limited 31-Dec-12 Singapore Dollar 1 SGD =0.7701 USD;
1 USD =51.1565 Indian Rupees
155 Zeugma Limited 31-Dec-12 USD 1 USD =51.1565 Indian Rupees
196
POSTAL BALLOT NOTICE
(Pursuant to Section 192A(2) of the Companies Act, 1956)
Notice is hereby given to the Members of DLF Limited, pursuant
to Section 192A(2) of the Companies Act, 1956 read with the
Companies (Passing of the Resolution by Postal Ballot) Rules,
2011, that the Company is seeking consent of its Members for
the proposed following resolution by way of Postal Ballot:
Special Business
Alteration in the ‘Object Clause’ of Memorandum of
Association of the Company
To consider and if thought t, to give assent/dissent to the
following Special Resolution:
“RESOLVED THAT pursuant to the provisions of Section 17
and all other applicable provisions, if any, of the Companies
Act, 1956 (including any statutory modications or re-enactment
thereof for the time being in force) and subject to the necessary
approvals, consents, permissions and sanctions, required, if
any, in this regard from the Registrar of Companies and any
other appropriate authority(ies) and subject to such terms,
conditions, amendments or modications as may be required
or suggested by any such appropriate authority(ies), consent
of the Company be and is hereby granted to alter the Object
Clause of the Memorandum of Association of the Company
(MOA), by deleting the existing clause 35 and substituting in
place thereof, the following as new clause:
“35. To establish and maintain or procure the establishment
and maintenance of any contributory or non-
contributory pension or superannuation funds for the
benet of and give or procure the giving of donations,
gratuities, pension, allowances or emoluments
to any persons who are or were at any time in the
employment or service of the Company, or of any
company which is a subsidiary of the Company or
is allied to or associated with the Company or with
any such subsidiary company or who are or were
at any time the Directors or ofcers of the Company
or of any such other company as aforesaid and the
spouse, families and dependents of any such person
and also establish and subsidize and subscribe to any
institution, association, clubs or funds calculated to
the benet of or to advance the interest and well-being
of the Company or of any such other company as
aforesaid, and make payments to or towards medical
relief of the insurance of any such persons or person
as aforesaid and to any of the matters aforesaid either
alone or in conjunction with any such other company
as aforesaid.
To give from the funds of the Company or make
payments or pay any amount, emoluments, perquisites,
concessions, benets, use of privileges and facilities
including medical relief (direct or through insurance),
and give allowances and benets such as pensionary
benets and retirement benets of any kind and in any
manner, from the funds of the Company (‘Retirement
Benets’) to those retired directors (along with their
respective spouses, families and dependents),
who during their employment and association with
the Company, have performed exceptionally and
made extra-ordinary and outstanding contribution,
or rendered exemplary services, to the Company
for its development, growth and success (‘Eligible
Retired Personnel’). The identication and selection
of Eligible Retired Personnel, the quantum and nature
of the Retirement Benets along with other necessary
conditions and obligations, shall be strictly subject to
the sole discretion of the Board of Directors and shall
be in accordance with the scheme / eligibility criteria
formulated and determined by the Board of Directors
in consultation with the Remuneration Committee.”
RESOLVED FURTHER THAT the Board of Directors (in
consultation with the Remuneration Committee) be and are
hereby authorized to formulate a pension scheme for the
benet of directors of the Company who, in the sole opinion of
the Board of Directors, during their employment and association
with the Company, have performed exceptionally and have
made extra-ordinary and outstanding contribution, or rendered
exemplary services, to the development, growth and success of
the Company. The Board, in formulating the said scheme, shall
determine:
(i) the basic thresholds / qualications for a retired director
to be considered eligible for the retirement benets,
which must include a minimum tenure requirement of
over 20 years of continuous and unblemished serving
on the Company’s Board of Directors;
(ii) limits/quantum of retirement benets proposed to be
made available to the identied and selected director
(which shall include the rate of periodic revisions, if
any), provided that the quantum of retirement benets
shall (a) be commensurate with the last drawn /
eligible emoluments that such director was entitled to
prior to his/ her retirement; and (b) in no event, exceed
the total remuneration (i.e. salary, perquisites and
commissions etc.) and revisions paid / available to the
senior managerial personnel having similar stature as
the relevant director; and
(iii) such other condition(s) as the Board of Directors may
deem appropriate in the best interest of the Company.
RESOLVED FURTHER THAT an approval of the Members of the
Company be and is hereby granted pursuant to Section 149(2A)
and other applicable provisions, if any, of the Companies Act,
1956 in relation to the aforementioned resolution.
RESOLVED FURTHER THAT the Board of Directors of the
Company, be and are hereby authorized to do all such acts,
deeds, matters and things, settle any question, difculty or
doubt that may arise in this regard and give such directions, as
it may, in its absolute discretion, deem expedient, desirable and
necessary including delegating all or any of the powers herein
conferred to any Committee of Directors, Managing Director or
197
any director(s) or any other ofcer(s) of the Company, to give
effect to aforementioned resolution.”
By Order of the Board
for DLF LIMITED
New Delhi Subhash Setia
8
th
J uly, 2013 Company Secretary
Notes:
1. The Explanatory Statement and reasons for the
proposed Special Business pursuant to Section 173(2)
read with Section 192A(2) of the Companies Act, 1956
(‘the Act’) setting out material facts are appended
herein below.
2. The Notice is being sent to all the Members, whose
names appear on the Register of Members/list
of Benecial Owners as received from National
Securities Depository Limited (NSDL)/Central
Depository Services (India) Limited (CDSL) on Friday,
5
th
J uly, 2013.
3. The Company has appointed Mr. T.S.V. Panduranga
Sarma, Chartered Accountant in practice, as
Scrutinizer and Mr. Vineet K Chaudhary, Company
Secretary in whole-time practice, as alternative
Scrutinizer for conducting the Postal Ballot process in
a fair and transparent manner.
4. Members desiring to exercise their vote by Postal
Ballot are requested to carefully read the instructions
printed in the Postal Ballot Form and return the same
duly completed on the attached self-addressed
Business Reply Inland Letter and unsigned Postal
Ballot Form will be rejected. Postage will be borne
and paid by the Company. However, Postal Ballot(s),
if sent by courier or by registered post at the expense
of the Member(s) will also be accepted. The Postal
Ballot(s) may also be deposited personally at the
address given thereon. The duly completed Postal
Ballot(s) should reach the Scrutinizer not later
than the close of working hours on Monday, 19
th

August, 2013 to be eligible for being considered,
failing which, it will be strictly treated as if no reply has
been received from the Member.
5. In compliance with the provisions of Section 192A
of the Act read with the Companies (Passing of
the Resolution by Postal Ballot) Rules, 2011, the
Company is pleased to offer e-voting facility as an
alternate, for its Members to enable them to cast their
votes electronically instead of dispatching Postal
Ballot Form. E-voting is optional.
The instructions for e-voting are as under:-
(a) In case of Members’ receiving e-mail from
NSDL
(i) Open e-mail and open PDF le viz; “DLF
e-Voting.pdf” with your Client ID or Folio No.
as password. The said PDF le contains your
user ID and password for e-voting. Please note
that the password is an initial password.
(ii) Launch internet browser by typing the
following URL:
https://www.evoting.nsdl.com/
(iii) Click on “Shareholder” – “Login”
(iv) Put user ID and password as initial password
noted in step (i) above. Click Login.
(v) Password change menu appears. Change
the password with new password of your
choice with minimum 8 digits/characters or
combination thereof. Note new password.
It is strongly recommended not to share
your password with any other person and
take utmost care to keep your password
condential.
(vi) Home page of “e-Voting” opens. Click on
“e-Voting”: Active Voting Cycles.
(vii) Select “EVEN” of DLF Limited.
(viii) Now you are ready for “e-Voting” as “Cast
Vote” page opens.
(ix) Cast your vote by selecting appropriate
option and click on “Submit” and also
“Conrm” when prompted.
(x) Institutional shareholders (i.e. other than
individuals, HUF, NRI etc.) are required to
send scanned copy (PDF/J PG Format) of
the relevant Board Resolution/ Authority
letter etc. together with attested specimen
signature of the duly authorized signatory(ies)
who are authorized to vote, to the Scrutinizer
through e-mail [email protected]
or [email protected] with a copy marked to
[email protected].
(b) In case of Members’ receiving Postal Ballot
Form by Post :
(i) Initial password is provided in the table given
in the Postal Ballot Form.
(ii) Please follow all steps from Sl. No. (ii) to Sl.
No. (x) given above to cast your vote.
(c) In case of any queries, you may refer the Frequently
Asked Questions (FAQs) for Members and
e-voting user manual for Members available at the
“downloads” section of www.evoting.nsdl.com.
(d) If you are already registered with NSDL for
e-voting then you can use your existing user ID
and password for casting your vote.
(e) You can also update your mobile number
and e-mail id in the user prole details of the
198
folio which may be used for sending future
communication(s).
6. Members who have registered their e-mail ids for
receipt of documents in electronic mode under the
Green Initiative of Ministry of Corporate Affairs are
being sent Notice of Postal Ballot by e-mail and others
are sent by post along with Ballot Form. Members have
option to vote either through e-voting or through Postal
Ballot Form. Members who have received Postal Ballot
Notice by e-mail and who wish to vote through Postal
Ballot Form can download Postal Ballot Form from
the link www.evoting.nsdl.com or seek duplicate
Postal Ballot Form from Karvy Computershare Private
Limited, Registrar & Share Transfer Agent, Unit: DLF
Limited, Plot No. 17-24, Vittalrao Nagar, Madhapur,
Hyderabad – 500 081, ll in the details and send the
same to the Scrutinizer.
7. The result of the Postal Ballot shall be declared by
the Chairman/Vice-Chairman/Managing Director, or
in their absence, by any person authorized by any
of them, on Thursday, 22
nd
August, 2013 at 10.30
hrs. at the Registered Ofce of the Company. The
resolution will be taken as passed effectively on the
date of announcement of the result by the Chairman/
Vice-Chairman/Managing Director or by the
authorized person, if the result of the Postal Ballot
indicates that the requisite majority of the Members
had assented to the resolution. Members, who wish
to be present at the venue at the time of declaration
of the result, may do so. The result of the Postal
Ballot shall also be announced through newspaper
advertisement and shall be hosted on the website of
the Company www.dl f.i n.
8. All relevant documents referred in the Explanatory
Statement shall be open for inspection at the
Registered Ofce of the Company on all working days
between 11.00 hrs. to 13.00 hrs. up to the date of
declaration of the result of Postal Ballot.
EXPLANATORY STATEMENT AND REASONS FOR THE
PROPOSED RESOLUTION PURSUANT TO SECTION
173(2) READ WITH SECTION 192A(2) OF THE COMPANIES
ACT, 1956
The Members may please note that existing Object clause 35
of the Memorandum of Association (‘MOA’) of the Company
prescribes Company’s right to establish and maintain any
contributory or non-contributory pension or superannuation
funds, to provide, inter-alia, pension, allowances, emoluments,
medical relief and other payments etc. to any persons, directors
and ofcers (along with their wives, widows, families and
dependents) who were, at any time, in the employment or
service of the Company, its subsidiary or allied to or associated
with the Company.
Your Board of Directors have now proposed to introduce
a specic and limited pension scheme aimed at extending
retirement benets of any kind and in any manner from the
funds of the Company to directors who, in the sole opinion of
the Board of Directors, during their employment and association
with the Company, have performed exceptionally and have
made extra-ordinary and outstanding contribution or rendered
exemplary services for the development, growth and success
of the Company. Accordingly, it is proposed to amend Object
clause 35 of the MOA to provide for the specic retirement
benets.
Further, it is proposed to authorize the Board of Directors (in
consultation with Remuneration Committee) to formulate the
said scheme in line with the specic fundamental parameters
for determining eligibility for retirement benets i.e. (i) the
basic thresholds / qualications for a retired director to be
considered eligible for the retirement benets, which must
include a minimum tenure requirement of over 20 years of
continuous and unblemished serving on the Company’s Board
of Directors; (ii) limits/quantum of retirement benets proposed
to be made available to the identied and selected director
provided the same commensurate with the last drawn / eligible
emoluments and in no event, exceed the total remuneration and
revisions paid / available to the senior managerial personnel
having similar stature as the relevant director; and (iii) such
other condition(s) as the Board may deem appropriate in the
best interest of the Company.
Section 17 and 192A of the Companies Act, 1956 (the ‘Act’) read
with the Companies (Passing of the Resolution by Postal Ballot)
Rules, 2011 stipulates that the consent of the Members of the
Company for amending the Object clause of the MOA is required
to be obtained by passing Special Resolution through Postal
Ballot. Further, pursuant to the provisions of Section 149(2A)
of the Act, the commencement of the aforesaid business also
requires Members approval by way of a Special Resolution.
None of the Directors of the Company is interested/concerned
in the above Special Resolution except and to the extent,
certain members of the Board may satisfy the eligible criteria
for the above benets subsequent to their retirement, subject
to such person(s) meeting the various other pre-requisites
formulated by the Board and the Board (in its sole opinion)
nding him/her eligible under the provisions of the pension
scheme.
The Board commends the resolution as set out in the Notice for
approval of the Members as a Special Resolution.
By Order of the Board
for DLF LIMITED
New Delhi Subhash Setia
8
th
J uly, 2013 Company Secretary
DLF LIMITED
Regd. Ofce: Shopping Mall, 3
rd
Floor, Arjun Marg, Phase-I, DLF City, Gurgaon-122 002 (Haryana)
ATTENDANCE CARD
48
th
ANNUAL GENERAL MEETING - MONDAY, 12
th
AUGUST, 2013 AT 10.30 A.M.
I/We certify that I/We am/are a registered shareholder/proxy of the Company.
I/We hereby record my/our presence at 48
th
Annual General Meeti ng of the Company on Monday, the 12
th
August, 2013 at
DLF City Club, Opposite Trinity Tower, Phase-V, DLF City, Gurgaon-122 002 (Haryana).
NOTE: Please complete this and hand it over at the entrance of the hall.
* Applicable for shares held in electronic form.
Note : No Gift/Gift Coupon/ Refreshment Coupon will be distributed at the Meeting
...........................................................................................................................................................................................................................
DLF LIMITED
Regd. Ofce.: Shopping Mall, 3rd Floor, Arjun Marg, Phase-I, DLF City, Gurgaon-122 002 (Haryana)
FORM OF PROXY
48
th
ANNUAL GENERAL MEETING - MONDAY, 12
th
AUGUST, 2013 AT 10.30 A.M.
I/We................................................................................………….................... of ...................…………………………………………………………………
in the district of .................................... being a member/ members of DLF LIMITED hereby appoint ............................................................
of ................................................................................ in the district of ............…………...................................................................................
or failing him/her, .......................................................... of ................................................in the district of ....................................
as my/our proxy to attend & vote for me/us on my/our behalf at the 48
th
Annual General Meeti ng of the Company to be held
on Monday, the 12
th
August, 2013 At 10.30 A.M. at DLF Ci ty Cl ub, Opposi te Tri ni ty Tower, Phase-V, DLF Ci ty, Gurgaon-122 002
(Haryana), or at any adjournment thereof.
Signed this .................... day of .................... , 2013.
Afx
Re.0.30
Revenue
Stamp
SIGNATURE

This form is to be used the resolution. Unless otherwise instructed, the proxy will act as he/she thinks t.
* Applicable for shares held in electronic form.
@ Strike out whichever is not required.
NOTES
1. The proxy in order to be effective should be duly stamped, completed & signed and must be deposited at the Registered Ofce of the Company not less
than 48 hours before the commencement of the meeting. The Proxy need not be a member of the Company.
2. The form should be signed across the stamp as per specimen signature registered with the Company.
@ in favour of
@ against
DP - Client Id*/Folio No. No. of Shares
NAME AND ADDRESS OF THE REGISTERED SHAREHOLDER / PROXY
DP Id*
Client Id* /
Folio No.
No. of
Shares
Signature
DLF Limited
Corporate Office
DLF Centre
Sansad Marg, New Delhi - 110001
Tel: 91-11-42102030, 42102000
Fax: 91-11-23719344
Website: www.dlf.in
Registered Office
Shopping Mall, 3rd Floor, Arjun Marg,
DLF City, Phase-I,
Gurgaon - 122002
Haryana
Tel: 91-124-4334200
Printed by HT Burda Media Ltd.

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