Contents

Board of Directors --------------------------------------------------------------------------------------------- 2

Message from the Chairman -------------------------------------------------------------------------------- 3

Milestones ------------------------------------------------------------------------------------------------------- 5

Management ---------------------------------------------------------------------------------------------------- 6

Notice ------------------------------------------------------------------------------------------------------------- 7

Directors’ Report ----------------------------------------------------------------------------------------------12

Management Discussion & Analysis Report -----------------------------------------------------------26

Corporate Governance Report ----------------------------------------------------------------------------44

Financial Statements ----------------------------------------------------------------------------------------62

Auditors’ Report -----------------------------------------------------------------------------------------------63

Balance Sheet -------------------------------------------------------------------------------------------------66

Profit & Loss Account ----------------------------------------------------------------------------------------67

Cash Flow Statement ----------------------------------------------------------------------------------------68

Schedules-------------------------------------------------------------------------------------------------------70

Consolidated Accounts ------------------------------------------------------------------------------------ 114

Details of Subsidiary Companies ----------------------------------------------------------------------- 172

Board of Directors Reference Information
Executive Directors Registered Office
Dr. K.P. Singh Shopping Mall, 3rd Floor, Arjun Marg
Chairman Phase-I, DLF City, Gurgaon-122 002
Mr. Rajiv Singh (Haryana)
Vice Chairman

Mr. T.C. Goyal Corporate Office

Managing Director DLF Centre, Sansad Marg
New Delhi-110 001
Ms. Pia Singh
Whole-time Director

Mr. Kameshwar Swarup Statutory Auditors

Senior Executive Director - Legal M/s. Walker, Chandiok & Co

Non-Executive Directors
Registrar & Share Transfer Agent
Mr. G.S. Talwar M/s Karvy Computershare Private Ltd.
Dr. D.V. Kapur
Mr. K.N. Memani Listed at
Mr. M.M. Sabharwal Bombay Stock Exchange
National Stock Exchange
Mr. Ravinder Narain
Mr. B. Bhushan
Company Secretary
Brig. (Retd.) N.P. Singh Mr. Subhash Setia

2
Message from the Chairman

Dear Shareholders,
In my Message to you last year, I had shared my apprehension that the Financial Year 2008-09 could
prove to be a challenging year for your Company and that the liquidity, credit and inflationary pressures on
the domestic and global economies would impact the business scenario at large.
As you have witnessed, the year gone by, the entire global economy has been in the grip of severe
recession of unprecedented dimensions, adversely affecting all spheres of economic activity.
In the face of such challenging conditions, your Company has endeavoured to withstand the severity of the
economic slowdown by focussing on consolidating the position of the Company’s core business in order
to emerge stronger in the years ahead.
Your Company adopted and implemented strategies and managed to effectively service all its debt and
interest obligations, without restructuring any obligations. It ensured that all commitments to stakeholders
were fully met.
The Company has initiated strategic and comprehensive portfolio adjustments concentrating both on real
estate assets and non-real estate business, with a view to exit non-core businesses.
For your Company, Corporate Social Responsibility is not just an add-on; rather it is a business and social
commitment that is mutually reinforcing. It has been the constant endeavour of your Company to create
sustainable economies and transform stagnant lives into active partnerships through synergized proactive
hand-holding in areas of infrastructure, education, training, health and environment. Your Company has
initiated various measures in terms of improved and efficient construction methodologies, adapting energy
efficient and conserving technologies towards developing energy efficient buildings.

3
In my view, another major challenge for our economy is the provision of quality infrastructure whilst the
Eleventh Five Year Plan (2007-12) has estimated an investment requirement of US$500 billion (Economic
Survey 2008-09) in infrastructure for broad-based and inclusive growth. We all need to make our humble
contribution towards the success of this challenging task.
The future will throw many challenges and opportunities to the Company in terms of striking the right
balance between the profitability and sustainability. I foresee challenges for our business in terms of fresh
land availability, rehabilitation and taking care of the interests of the all stakeholders particularly from the
ecological perspective.
I assure you that your Company will face the challenges resolutely and turn these into strategic opportunities
to maintain its leadership position in the real estate business.

With best wishes

Sincerely,

New Delhi (Dr. K. P. Singh)

30th, July, 2009 Chairman

4
Milestones

5
Management

6
Notice
Notice is hereby given that the Forty-fourth Annual
General Meeting of DLF Limited will be held on
Wednesday, the 30th September, 2009 at 10.00 A.M.
at Epicentre, Apparel House, Sector 44, Gurgaon –
122 003 (Haryana) to transact the following business:
Ordinary Business
1. To receive, consider and adopt the Audited
Balance Sheet as at 31st March, 2009, the Profit
& Loss Account 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 Mr. Kameshwar
Swarup, who retires by rotation and being eligible,
offers himself for re-appointment.
4. To appoint a Director in place of Dr. D.V. Kapur,
who retires by rotation and being eligible, offers
himself for re-appointment.
5. To appoint a Director in place of Mr. M.M.
Sabharwal, who retires by rotation and being
eligible, offers himself for re-appointment.
6. To appoint Auditors’ of the Company to hold
office from the conclusion of this meeting until the
conclusion of the next Annual General Meeting
and to fix their remuneration. M/s. Walker,
Chandiok & Co, the retiring Auditors are eligible
for re-appointment.
Special Business
7. To consider and if thought fit, to pass with
or without modification(s), the following
Resolution as an Ordinary Resolution:
“Resolved that pursuant to Article 93 of the
Articles of Association of the Company and in
accordance with the provisions of Section 198,
269, 309, 310 read with Schedule XIII and other
applicable provisions, if any, of the Companies Act,
1956 (the Act) (including any statutory modification
or re-enactment thereof for the time being in force),
the consent of the members be and is hereby
accorded to the re-appointment of Mr. Kameshwar
Swarup, as a Whole-time Director, designated as
‘Senior Executive Director – Legal’ for a period of
two years with effect from 1st January, 2010 on the
terms and conditions including the remuneration
as set out in the Explanatory Statement annexed
to the Notice with liberty and authority to the Board
of Directors to alter, vary, modify and revise the
terms and conditions of the said appointment and/
or the remuneration, from time to time within the
limits laid down in the then subsisting respective
provisions of the Act.
Resolved Further that in the event of absence or
inadequacy of profits in any year during the tenure
of his appointment, the aforesaid remuneration
will be paid as minimum remuneration to
Mr. Kameshwar Swarup.
Resolved Further that the Board of Directors
of the Company including any duly constituted
Committee thereof (hereinafter referred to as “the
Board”) be and is hereby authorised to do all such
acts, deeds and things including entering into such
agreement(s), deed(s) of amendment or any such
document(s) as the Board may, in its absolute
discretion, consider necessary, expedient or
desirable including to sub-delegate all or any of
the powers herein conferred on it, in order to give
effect to this resolution or as otherwise considered
by the Board to be in the best interest of the
Company.”
8. To consider and if thought fit, to pass with
or without modification(s), the following
Resolution as a Special Resolution:
“Resolved that pursuant to the provisions of
Section 314(1) and other applicable provisions of
the Companies Act, 1956 (including any statutory
modification or re-enactment thereof, for the time
being in force), the consent of the Company, be
and is hereby accorded to the appointment of
Ms. Savitri Devi Singh as ‘Vice President’, DLF
Commercial Developers Limited (DCDL), a wholly
owned subsidiary of the Company w.e.f. 1st April, 2009
at a remuneration and terms & conditions as set out
in the Explanatory Statement annexed to the Notice.
Resolved Further that the Board of Directors
of the Company including any duly constituted
Committee thereof (hereinafter referred to as “the
Board”) be and is hereby authorised to take all such
steps as may be necessary, proper or expedient to
give effect to this Resolution.”
By Order of the Board
For DLF Limited
New Delhi Subhash Setia
27th August, 2009 Company Secretary
7
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/
herself and the Proxy need not be a Member
of the Company. The Proxies to be effective
should be deposited at the Registered Office
of the Company not later than 48 hours before
the commencement of the meeting. Proxy
Form is attached.
2. The Explanatory Statement pursuant to Section
173(2) of the Companies Act, 1956 in respect of
Special Business as set out above to be transacted
at the meeting along with required details in terms
of Clause 49 of the Listing Agreement are annexed
hereto and forms part of this Notice.
3. M/s. Karvy Computershare Private Limited, Plot
No. 17-24, Vittalrao Nagar, Madhapur, Hyderabad
–500 081, Ph.: 040-23420815-28, Fax No.:
040-23420814, e-mail: mailmanager@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 NSDL and CDSL.
However, keeping in view the convenience of the
shareholders, documents relating to shares will
continue to be accepted at Karvy Computershare
Pvt. Ltd., at 1105, 11th Floor, Arunachal Building,
19, Barakhamba Road, Connaught Place,
New Delhi – 110 001, Ph.: 011-43503200 and
at the Registered Office of the Company &
also at Corporate Affairs Department, 1-E,
Jhandewalan 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 certified copy of Board
Resolution authorising their representatives to
attend and vote on their behalf at the meeting.
5. The Register of Members and Share Transfer
Books of the Company will remain closed from
Thursday, 24th September, 2009 to Wednesday,
30th September, 2009 (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 29th October, 2009 to those
Members or their mandates:
(a) whose names appear at the end of the
business hours on Wednesday, 23rd
September, 2009 in the list of Beneficial
Owners to be furnished by Depositories
(NSDL and CDSL) in respect of the shares
held in dematerialised form; and
8
(b) whose names appear as Members on the
Company’s Register of Members after giving
effect to valid share transfer requests in
physical form lodged with Registrar & Share
Transfer Agent (RTA) of the Company on or
before Wednesday, 23rd September, 2009.
7. Relevant documents referred to in the
accompanying Notice are open for inspection
by the Members at the Registered Office of the
Company on all working days, between 1400-
1600 hrs. up to the date of the meeting.
8. Members holding shares in physical form are
requested to advise about any change of address/
Bank account details to the Company or its
Registrar.
9. Members who hold shares in dematerialised
form may kindly note that their address and
Bank account details, as furnished by their
depositories to the Company, shall be printed
on the dividend warrants as per applicable
regulations of the depositories. The Company
cannot entertain any direct request from such
members for change in address/Bank account
details. Members who wish to change their
address/Bank account details are requested
to advise their Depository Participants about
such change.
10. Members desirous of obtaining any information/
clarification(s) concerning the accounts and
operations of the Company or intending to raise
any query, are requested to forward the same at
least 10 days prior to the date of meeting to the
Company Secretary at the Registered Office of the
Company, so that the same may be attended to
appropriately.
11. Pursuant to provisions of Section 205A(5) and
205C of the Companies Act, 1956 the Company
has transferred all unpaid/unclaimed dividends
upto the Financial Years 2000-01 to the Investor
Education and Protection Fund (the Fund) of
the Central Government. The Company is
in the process of transferring the unpaid
dividend for the Financial Year 2001-02 in
December, 2009. The dividend for the Financial
Years 2002-03 and thereafter, which remains
unpaid/unclaimed for a period of 7 years will be
transferred by the Company to the Fund. The
members who have not encashed their dividend
warrants so far for the Financial Years 2002-03
onwards are requested to make their claims to the
RTA or at the Registered Office of the Company.
 It may please be noted that once the unclaimed or bag inside the meeting venue for security
dividend is transferred to the Fund, no claim reasons;
shall lie in respect thereof.
(b) To quote their Folio No./DP Id and Client Id in
12. Members are requested: all correspondence;
(a) To bring their copies of Annual Report, Notice
and Attendance Slip duly completed and (c) To note that no gift or gift coupons will be
signed at the meeting. Not to carry briefcase distributed at the meeting.

EXPLANATORY STATEMENT
Pursuant to Section 173(2) of the Companies Act, 1956
ITEM NO. 7
Mr. Kameshwar Swarup, a Whole-time Director designated as ‘Senior Executive Director – Legal’ of the Company is
Post-Graduate in Commerce & Law and a Fellow Member of the Institute of Company Secretaries of India, with over
46 years of management experience in a number of corporate positions to his credit. The present term of office of
Mr. Swarup will come to an end on 31st December, 2009. Considering his capabilities and to enable the Company
to have benefits of his experience, the Board in its meeting held on 27th August, 2009 on the recommendation of
Remuneration Committee, subject to the approval of the Members, has re-appointed him for a further period of two
years w.e.f. 1st January, 2010 on the following terms and conditions:
I. Salary (Basic) Rs. 2,57,475 per month
II. Perquisites & Allowances Classified into three categories A, B and C
Category ‘A’
70% of the Basic Salary per month or Company’s leased accommodation, subject to rental ceiling of 70%
i) House Rent Allowance
of the basic salary .
ii) Personal Allowance Rs. 1,66,667 per month.
iii) Superannuation Allowance 15% of the Basic Salary.
Provision/Purchase by Whole-time Director of hard furnishings will be governed by the rules of the
iv) Hard Furnishings
Company, but shall not exceed a total value of Rs.15 lacs at any time.
Ranging between Rs. 25 lacs (minimum guaranteed) and Rs. 200 lacs (maximum achievable) per
v) Performance Award
annum, as per the policy of the Company.
Category ‘B’
i) Contribution to Provident Fund as per the rules of the Company.
ii) Gratuity payable shall not exceed half a month’s salary for each completed year of service as per the rules of the Company.
iii) Earned/Privilege Leave: As per rules of the Company.
Category ‘C’
Provision of Company maintained Provision of Company maintained Chauffeur driven Car with all expenses paid on actual basis as per the
i)
car with Chauffeur policy of the Company.
Expenses on communication facilities will be reimbursed as per policy of the Company and will not be
ii) Communication facilities
treated as perquisites.
The perquisite value of the above shall be evaluated, wherever applicable, as per Income Tax Act, 1961 and/or any rules framed thereunder.
III. Other Terms:
He shall be entitled to reimbursement of entertainment expenses and other out-of-pocket expenses incurred in connection with the business
i)
of the Company.
He shall be required to travel abroad for business promotion as and when required and all expenses incurred during such foreign travel will be
ii)
governed by the Company’s Policy regarding Foreign Travel.
The appointment may be terminated by either party giving the other party three months’ notice in writing on the expiry of which, the appointment
iii) will come to an end. The Company may terminate his appointment by paying him basic salary for three months, in lieu of three months’ notice
in writing.
He shall not during the continuance of his employment or at any time thereafter divulge or disclose to any person whomsoever or make any
use whatever for his own or for whatever purpose, of any confidential information or knowledge obtained by him during his employment as to
iv)
the business or affairs of the Company and shall during the continuance of his employment hereunder also use his best endeavours to prevent
any other person from doing so.

Mr. Swarup will be responsible for day-to-day management of the Legal Affairs of the Company, subject to the
superintendence and control of the Board of Directors, and such other responsibilities as may be entrusted to him
from time to time.

9
The Board considers that the re-appointment of Your Board of Directors, on the recommendation of the
Mr. Swarup is in the best interest of the Company. Remuneration Committee, in its meeting held on 27th
A brief resume of Mr. Swarup, nature of his expertise August, 2009, subject to your approval, has approved
in specific functional areas and name of companies her elevation on the following terms and conditions
in which he holds directorship/membership of Board/ (Rs./month)
Committee, as stipulated under Clause 49 of the Listing
Agreement is annexed hereto. 1. Basic Salary : 20,000
Further, pursuant to the empowerment granted by the 2. House Rent Allowance : 70% of Basic Salary
Members at the 42nd Annual General Meeting and as per 3. Conveyance Allowance : 52,500
the policy of the Company and on the recommendation 4. Hard Furnishings : 4,167
of the Remuneration Committee, the Board in its
5. Personal Allowance : 25,000
meeting held on 27th August, 2009 has extended the
benefit entitling him to an amount equivalent to ‘Value’ 6. SAF Allowance : 3,000
(in rupees) of 32,000 equity shares of the Company. The 7. Contribution to Provident : As per rules of the
‘Value’ being the difference between the par value of Fund and Gratuity Company
Rs. 2 per equity share and the average closing market
8. Annual Performance Award : Ranging between
price of the Company’s share on NSE for a 30 days
Rs. 4.60 lac (minimum
period preceding the date of vesting. The aforesaid
guaranteed) and
benefit shall be deemed to have been granted as on
Rs. 21.00 lac
1st July, 2008 (i.e. date of grant) and will be deemed
(maximum achievable)
to vest in two equal tranches of 50% each - 1st tranch
as per policy
on completion of two years from the date of grant i.e.
of the Company.
30th June, 2010 and the 2nd tranch on completion
of three years from the date of grant i.e. 30th June, Ms. Savitri Devi Singh shall be entitled like any other
2011. In case of Mr. Swarup’s retirement between 1st employee annual increments / increase as per policy of
July, 2010 to 1st July, 2011, the entire amount of 2nd the Company.
tranch shall be payable on the date of retirement. In the Ms. Savitri Devi Singh, being related to Dr. K.P. Singh
unfortunate event of his tragic loss during the period of and Mr. Rajiv Singh, approval of the Members is being
his employment with the Company, his nominees/legal sought by way of Special Resolution for the above
heirs would be entitled to receive the entire/balance increase pursuant to the provisions of Section 314(1) of
amount towards aforesaid payments, as the case may the Companies Act, 1956.
be.
None of the Directors of the Company, except
None of the Directors except the appointee may be
Dr. K.P. Singh and Mr. Rajiv Singh, being her relatives,
deemed to be concerned or interested in the proposed
are interested or concerned in the passing of the said
re-appointment and benefits extended to him.
resolution.
The above may be treated as an abstract of the terms of
re-appointment and the benefits extended to Mr. Swarup The Board of Directors of your Company recommends
under Section 302 of the Companies Act, 1956. the resolution for approval.
The Board of Directors of your Company recommends
the resolution for approval. Registered Office By Order of the Board
For DLF Limited
ITEM NO. 8 Shopping Mall, 3rd Floor
Ms. Savitri Devi Singh, General Manager, DLF Arjun Marg, Phase-I, DLF City
Commercial Developers Limited (DCDL), a wholly Gurgaon (Haryana) – 122 002
owned subsidiary of the Company, has been elevated 27th August, 2009 Subhash Setia
as Vice President, DCDL with effect from 1st April, 2009. New Delhi Company Secretary

The Ministry of Corporate Affairs, Government of India, vide its letter No. 47/527/2009-CL-III dated 24th August, 2009 has granted exemption u/s
212(8) of the Companies Act, 1956 from attaching the Balance Sheet, Profit & Loss Account and other documents of the subsidiary companies
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 investors of the Company and of its subsidiary companies. These documents will be available for inspection by any
investors at the Registered/Head Office of the Company and that of 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 Mr. K. Swarup
Date of Birth 8th August, 1940
Age 69 yrs.
Date of Appointment 1st January, 2006
Qualifications Post Graduate in Commerce & Law;
Fellow Member of the Institute of
Company Secretaries of India.
Expertise in specific Currently heading Legal Affairs of the
functional areas Company for more than 11 years.
Has over 46 years of management
experience in a number of corporate
positions.
Directorships held in DLF Commercial Developers Ltd.
other companies DLF Estate Developers Ltd.
DLF Home Developers Ltd.
DLF Land Ltd.
DLF Retail Developers Ltd.
DLF Wind Power Pvt. Ltd.
Shivajimarg Properties Ltd.
Committee positions* in Shareholders’/Investors’ Grievance Shareholders’/Investors’ Grievance
DLF Limited Committee -Member
Committee positions* in Audit Committee
other public companies DLF Retail Developers Ltd. -Member
Relationships between Nil
Directors inter-se
Number of Shares held 9,150
*Only Audit and Shareholders’/Investors’ Grievance Committees included.
Dr. D.V. Kapur Mr. M.M. Sabharwal
9th September, 1928 21st August, 1922
81 yrs. 87 yrs.
21st April, 2006 21st April, 2006
Electrical Engineering (Hons.), D.Sc. B.A. (Economics)
Dr. Kapur had an illustrious career in the Mr. M.M. Sabharwal has held various
Government sector with a successful track corporate positions including those of
record of building vibrant organisations and Chairman of Dunlop India Ltd., Bata
successful project implementation. He served India Ltd, Britannia Biscuit Co. Ltd.,
Bharat Heavy Electricals Limited (BHEL) in Indian Oxygen Ltd., Needle Industries
various positions with distinction, but his most India (Pvt.) Ltd., Precision Electronics
remarkable achievement was establishment Ltd.; Director of Oil India Ltd, National
of a fast growing systems oriented National Aluminium Company Ltd., Fibre Glass
Thermal Power Corporation (NTPC) of which Pilkington Ltd., Avery India Ltd. and
he was the founder Chairman-cum-Managing Ranbaxy Laboratories Ltd.
Director. For the contribution to success and
leadership of the fledgling organisation, he In addition, he is the Director of Nutrition
was described as ‘Model Manager’ by the Foundation of India and was President
Board of Executive Directors of World Bank. of PHD Chamber of Commerce and
Industry, New Delhi, Director, Institute of
Dr. Kapur served as Secretary to the Management, Kolkata and Dy. Chairman
Government of India in the Ministries of of International Management Institute,
Power, Heavy Industry and Chemicals & New Delhi.
Petrochemicals during 1980-86. He was
also associated with a number of national In recognition of his meritorious social
institutions as Member, Atomic Energy services, Govt. of India has conferred
Commission; Member, Advisory Committee ‘Padma Shri Award’ on him. He has also
of the Cabinet for Science and Technology; been conferred with:
Chairman, Board of Governors, IIT Bombay; -Honorary ‘OBE’ in 1998 by the
Member, Board of Governors, IIM Lucknow Government of U.K. for his role in
and Chairman, National Productivity Council. promoting Indo-British partnership in
Social Welfare;
In recognition of his services and significant -‘Life Time Achievement Award’ for
contributions in the field of Technology, Manage- outstanding contribution towards the
ment and Industrial Development, Jawaharlal cause of elderly;
Nehru Technological University, Hyderabad -‘The Chirayushya Samman Award’ by
conferred on him the degree of D. Sc. the Union Minister for Social Justice &
Empowerment, Govt. of India for being a
pioneer in building ‘Helpage India’.
Drivetech Accessories Ltd. Nil
GKN Driveline (India) Ltd.
Honda Siel Power Products Ltd.
Reliance Industries Ltd.
Zenith Birla (India) Ltd.
Audit Committee - Member
Committee - Chairman
Audit Committee - Member
Audit Committee Nil
Honda Siel Power Products Ltd. – Chairman
GKN Driveline (India) Ltd. – Chairman
Zenith Birla (India) Ltd. – Member
Shareholders’/Investors’ Grievance
Committee
Honda Siel Power Products Ltd. – Chairman
Nil Nil
10,000 5,500
11
12
Directors’ Report
Your Directors have pleasure in presenting their
44th Annual Report on the business and operations
of the Company together with the audited results
for the financial year ended 31st March, 2009.
Financial Results
(Rs. in Crores)
Consolidated
2008-09
Gross operating Profit 5,985.98
Less : Finance Charges 554.84
Less: Depreciation 238.96
Profit before Tax 5,192.18
Less: Provision for Tax 675.36
Profit before minority interest 4,516.83
Share of Profit/(loss) in associates (21.10)
Minority interest (27.54)
Profit after tax and minority interest 4,468.19
The year under review was extremely challenging.
The markets witnessed unprecedented turbulence
in the wake of the global financial meltdown.
A runaway inflation touching a high point of 12%
early in the year, tight monetary policies followed
by the authorities for most of the year to control
inflation with the consequent high interest rates,
precipitous 26% fall in the value of the Rupee
during the year and weak consumer demand, all
led to a difficult environment in which the
Company had to operate.
The worst affected industry was Real Estate. The
Company being the forerunner had to face the
brunt of the economic slow-down resulting into
decreased sales volumes and pressure on the
profit margins and financing costs.
The Company’s total income on consolidated basis
decreased from Rs. 14,684 Crores to Rs. 10,431
Crores, a decrease of 29% over the previous
financial year. Similarly, the gross operating
profit on consolidated basis reduced from
Rs. 9,961 Crores to Rs. 5,986 Crores, resulting in
a decrease of 40% and the net profit after tax and
minority interest for the year is Rs. 4,468 Crores
as against Rs. 7,813 Crores for the previous year
(2007-08), representing a decrease of about
43%. This revenue and profit figures have been
arrived at after adjusting for losses contributed by
non-core businesses of Rs. 163 Crores.
DLF has taken aggressive steps to meet the
challenges of the difficult times through major
initiatives in sustaining growth, cost-optimization,
process improvement and efficient management
of working capital. The commitment to meet
these challenges resulted in an optimistic start
2007-08
to FY 2009-10.
9,961.48
310.00 Review of Operations
90.06 Over the past few years, the real estate sector
9,561.42 has transformed from a nascent and unorganized
1,739.09 sector to a professionally organised industry, which
7,822.34 has been contributing significantly to the nations’
26.41
GDP. Being the leader in the industry in terms
of revenues, earnings and market capitalisation,
(35.48)
your Company has been able to capitalise the
7,813.27
opportunities in an efficient manner.
However, the challenging credit market conditions
through out the calendar year 2008, triggered off
a slowdown in the second half of FY09, resulting
in a slowdown in sales and fresh bookings. While
your Company saw relatively subdued volumes of
sales and leases through the last 2-3 quarters of
FY09, things have now started looking up with a lot
of steps being taken by the Government as well as
the players in the industry.
During the year under report, your Company
delivered 7 m.s.f. of developed area to its customers
– 2 m.s.f. of homes and 5 m.s.f. of office space.
As on 31st March, 2009, your Company had a
development potential of 425 m.s.f., with 37 m.s.f.
of projects under construction.
Focussed on timely execution of delivery of pre-
sold/leased projects, your Company slowed down
few projects till conditions stabilize to improve
demand for fresh leasing. Accordingly, 27 m.s.f. of
office and retail developments have been deferred.
Your Company has also exited from long gestation
projects like Bidadi and Dankuni townships, along
with development plan for hotels being shifted out
for next 15-18 months.
Your Company has also been granted in
principle approval by the Central Government for
de-notification of 5 of its SEZs.
13
Your Company introduced price re-sets and time adjustments, your Company sees the coming
extended other benefits to its customers in Feb- quarters gaining back the lost momentum and
March, 2009. This was done in an endeavour to showing better performance. The first quarter of
pass on the benefits of reduced construction costs FY10 has already started showing positive signs
and offer best possible prices to our customers, with 2.5 m.s.f. sold in homes segment in April,
as well as build on the Company’s brand equity 2009. Seeing these positive trends, your Company
as a customer-friendly Company. Your Company will continue to launch new residential and
foresees the results of these measures in terms commercial projects in various locations across
of increased customer support and recognition as the country, after adequate research of market
the preferred and ‘fair’ developer by the customers demand, at the best prices.
in the coming time. The performance of the Company on stand-alone
During the year, DLF Pramerica Life Insurance basis for the year ended on 31st March, 2009 is
Company Limited, your Company’s JV with as under:
Prudential International Inc. for life insurance
services in India, began its operations. DLF (Rs. in Crores)
Pramerica Asset Managers Pvt. Ltd, a JV between Stand Alone
your Company and Prudential Financial Inc., also 2008-09 2007-08
received in-principle approval during the year for Turnover 3,839.04 6,058.46
commencing its business operations in India. Gross operating Profit 2,734.80 3,591.25
Your Company met all its stakeholder commitments Less : Finance Charges 809.86 447.65
in time during the year, including its commitments Less: Depreciation 114.08 25.68
to banks and financial institutions.
Profit before Tax 1,810.86 3,117.92
In order to weather the tough economic Less: Provision for Tax 261.00 543.52
environment over the last year, your Company
Profit after Tax 1,549.86 2,574.40
affected a strategy which allowed it to be liquid,
Earlier Year Items
whilst it tested the right market conditions where
it could attract significantly larger number of end Income Tax - 0.19

customers. Value proposition being a key element Prior-period expenses (net) 2.09 -
of this strategy, your Company launched various Net Profit 1,547.77 2,574.59
different projects across India in the residential Balance as per last Balance Sheet 1,734.96 269.27
space and demonstrated leadership position within Balance Available for
3,282.73 2,843.86
the industry to bring back demand. Appropriation
Appropriation
1,389 apartments were booked in a single day in
Transfer to Debenture
the newly launched project in the heart of Delhi 113.17 -
Redemption Reserve
during April, 2009. Even in Bangalore, around 700
Utilise for Bonus Issue - 0.07
apartments were booked in Q1 FY2010.
Transfer to General Reserve 154.78 311.00
Though there were marginal cancellations in
Dividend on Equity Shares
some of the existing pre-leased space across the
Interim - 340.97
country, your Company’s relationship with all the
long term strategic tenants continues to be strong Final 339.44# 340.97

and engaged. Your Company believes that as Tax on Dividend 28.91 115.89
business conditions in the global markets improve Excess provision of previous
(29.81) -
year written back
over the next 6 months, the leasing activity will
Surplus carried to Balance Sheet 2,676.24 1,734.96
gain fresh traction.
3,282.73 2,843.86
On the whole, while fiscal 2009 was hit by the tight #
Proposed
credit conditions, subdued volumes and few one-

14
Future Outlook
Given the prevalent sentiments, your Company
had followed a cautious approach to new launches.
However, as economic conditions stabilize, your
Company plans to make selective new launches
based on targeted market research in different
markets to catch the changing demand scenario.
Your Company will continue to focus on affordable
housing with test launches across newer locations,
along with launching some strategic “city-center”
housing projects. We endeavour to generate buyer
interest by providing excellent location and superior
product specifications.
Focussing on the sales model, your Company
will also make selective launches of commercial
complexes.
For offices, we intend to expedite execution and
deliveries wherever backlog exists and pump up
the construction activity based on visibility of pre-
leasing. We continue to strengthen our relationships
with our existing customers.
Your Company is quite hopeful that the coming
quarters will see better sales/leases and the
performance of the Company will be revived.
Dividend
In view of the difficult economic climate in which the
Company operated during the year, a reduction is
being made in the proposed Dividend as compared
to the Dividend of Rs.4 per Equity Share (200%)
paid in the previous year. Your Directors are pleased
to recommend for approval of the Members a
Dividend of Rs.2 per Equity Share (100%) of Rs. 2
each for the FY 2008-09 amounting to Rs. 368.35
Crores (Rs. 339.44 Crores towards Dividend and
Rs. 28.91 Crores as Dividend tax).
Buy-Back of Equity Shares
The Board of your Company in its meeting held on
10th July, 2008 approved buy-back of not exceeding
2.20 Crores fully paid-up Equity Shares of Rs.2
each, at a price not exceeding Rs.600 per Equity
Share, by utilizing an amount of not exceeding
Rs.1,100 Crores, i.e., within the limits of 9.80% of
the aggregate of the Company’s total paid-up Equity
Capital and Free Reserves as on 31st March, 2008,
from open market through NSE and BSE using
their nation-wide electronic trading facilities in
compliance with the provisions of the Companies
Act, 1956 read with Securities and Exchange Board
of India (Buy-Back of Securities) Regulations,
1998. Accordingly, Public Announcement (PA)
and Corrigendum to PA dated 30th September and
15th October, 2008 respectively, were issued by
the Company.
The Buy-back Offer was open from 17th October,
2008 to 6th May, 2009. During the period the
Company bought-back 76,38,567 Equity Shares,
for a total consideration (including transaction
cost) of Rs.141.02 Crores, i.e. at an average
price of Rs.184.62 per share by utilising free
reserves and/or share premium account of the
Company. The paid-up capital of the Company
after extinguishment of shares bought back under
the Scheme stood at Rs.339.43 Crores.
Fixed Deposits
The Company has not accepted/renewed any
public deposits during the year under review. An
unclaimed public deposit of Rs.0.27 lacs was
transferred to Investors Education and Protection
Fund (IEPF) on 19th June, 2008.
Subsidiary Companies and Consoli-
dated Financial Statements
The consolidated financial statements of the
Company and its subsidiaries, prepared in
accordance with Accounting Standards AS-21,
23 and 27, issued by the Institute of Chartered
Accountants of India, form part of the Annual
Report. The Company has made an application to
the Central Government seeking exemption under
Section 212(8) of the Companies Act, 1956 from
attaching the Balance Sheet, Profit & Loss account
and other documents of the subsidiaries to the
Balance Sheet of the Company. The documents/
details will be made available upon request to any
member of the Company and are also available
for inspection by any Member of the Company/
its subsidiaries at the Registered Office of the
Company/its subsidiaries and at the Head Office
of the Company during working hours up to the
date of Annual General Meeting.
15
Conservation of Energy, Technology
Absorption and Foreign Exchange
Earnings / Outgo, etc.
The particulars required to be disclosed under
Section 217(1)(e) of the Companies Act, 1956
read with Companies (Disclosure of Particulars in
the Report of Board of Directors) Rules, 1988 are
given at Annexure-A annexed 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, 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 Office of the Company.
Employee Stock Option Scheme
(ESOS)
Information in terms of Clause 12 of the SEBI
(Employees’ Stock Option Scheme and Employees’
Stock Purchase Scheme) Guidelines, 1999 is at
Annexure-B.
Debentures
During the year under review, the Company has
issued Non-convertible Debentures (NCDs) of
Rs.10 lacs each on private placement basis
aggregating to Rs.1,320 Crores, as per details
below:
i) 14% NCDs aggregating to Rs.100 Crores to
Standard Chartered Bank;
ii) 13.7% NCDs aggregating to Rs.500 Crores to
Life Insurance Corporation of India;
iii) 14% NCDs aggregating to Rs.720 Crores to
Life Insurance Corporation of India.
16
Listing at Stock Exchanges
The Equity Shares of your Company continue to
be listed on BSE and the NSE. During the year
under review, the Equity Shares form part of S&P
CNX Nifty & BSE - 30 indices. The Non-convertible
Debentures issued by your Company are also listed
in the Wholesale Debt Market (WDM) segment of
National Stock Exchange. The listing and custody
fees for the year 2009-10 have been paid to the
Stock Exchanges, NSDL and CDSL, respectively.
Pursuant to Clause 5A of the Listing Agreement,
the Company has initiated appropriate steps to
deal with unclaimed Equity Shares allotted in the
IPO in 2007. As on 31st March, 2009, 14,750 Equity
Shares are unclaimed by the rightful owners.
Forfeiture of Partly-paid Shares
The Board of Directors of the Company in its meeting
held on 30th July, 2009 has forfeited 43,680 partly-
paid Equity Shares (allotted on 28th June, 2007)
for non-payment of balance outstanding amount/
allotment money due and payable thereon.
Management Discussion and 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 Company is committed to maintain the
highest standards of Corporate Governance.
The Directors adhere to the requirements set
out by the Securities and Exchange Board of
India’s Corporate Governance practices and have
implemented all the stipulations prescribed. The
Company has implemented several best Corporate
Governance practices as prevalent globally. The
Report on Corporate Governance as stipulated
under Clause 49 of the Listing Agreement forms
part of this Report.
Your Company was conferred ‘Golden Peacock
Award’ for Excellence in Corporate Governance in
September, 2008 at London.
The requisite Certificate from the Statutory Auditors
of the Company, M/s. Walker, Chandiok & Co,
Chartered Accountants, confirming compliance
with the conditions of Corporate Governance
as stipulated under the aforesaid Clause 49, is
attached to this Report.
Directors’ Responsibility Statement
As required under Section 217(2AA) of the
Companies Act, 1956, your Directors confirm
having:
a) followed in the preparation of the Annual
Accounts, the applicable accounting
standards with proper explanation relating to
material departures, if any;
b) selected such accounting policies and applied
them consistently and made 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 financial year and of the profit of your
Company for that period;
c) taken proper and sufficient 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 office until the
conclusion of the forthcoming Annual General
Meeting and are recommended for re-appointment.
Certificate 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.
Auditors’ Report
There is no qualification or adverse remarks on the
stand-alone financials of the Company. Further, the
observation given in Point No. 4 of the Auditors’
Report on consolidated financials read with
Note No. 19 of Schedule 24 to the consolidated
financials, are self-explanatory and your Directors
have nothing more to add.
Directors
Pursuant to Section 256 of the Companies Act,
1956 read with the Clause 102 of Articles of
Association of the Company, Dr. D.V. Kapur,
Mr. M.M. Sabharwal and Mr. K. Swarup, 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, nature of their experience in specific
functional areas, names of the companies in
which they hold directorship and membership/
chairmanship of Board Committees, shareholding
and relationship between Directors inter-se, as
stipulated under Clause 49 of the Listing Agreement
with the Stock Exchanges, are provided in the
Notice for convening the Annual General Meeting.
Corporate Social Responsibility
The Company has made significant investments
in community welfare initiatives including to under-
privileged 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.
Promotion of Sports
DLF-Indian Premier League (IPL), in its second
season held at South Africa, saw a strong re-
affirmation of the Company’s commitment towards
sporting events, while it also strengthened DLF’s
national as well as international brand equity. Your
Company bagged the title sponsorship rights for
IPL in 2008 for a total of five years.
DLF Golf & Country Club retained its crown as the
‘Best Golf Course in India’ for a second year in
succession, presented at the Asian Golf Monthly
Awards Ceremony held in Shenzhen, China
Awards and Accreditations
During the period under review, your Company
has excelled in various spheres of Corporate
achievements and is recognised through public
evaluation. The details of awards and recognitions
to your Company are as under:
17
• Dr K.P. Singh, Chairman has been invited on
the Board of Governors on the Future of Real
Estate at the World Economic Forum and
participated as a Discussion Leader at the
Annual Meet of the Forum held at Davos on
28th January, 2009.
• Public Relations Society of India
(PSRI) presented the PSRI Golden Jubilee
Award to DLF for ‘Best Private Sector
Organisation’
• The Reader’s Digest ‘Most Trusted Brand
2009’ Award was picked up by DLF for the
second year in a row.
• Augtics Systems (International Real Estate Data
Bank) ‘Award of Excellence’ bestowed three
individual awards to DLF Aralias, The Belaire
and The Magnolias.
• GIREM conferred DLF with the ‘Company of the
Year’ Award and DLF Emporio with the ‘Iconic
Project 2008’ Award at the Urban Planning and
Real Estate Leadership Summit, 2008.
• Realty Plus Excellence Award 2009 for
the category ‘Luxury Project of the Year’ was
presented to DLF Aralias.
• Realty Plus ‘Lifetime Achiever’s Excellence
Award 2009’ was bestowed upon Dr. K.P. Singh,
DLF Chairman, for his outstanding contribution
to the Indian Real Estate Sector.
• Conferred ‘Golden Peacock Award for
Excellence in Corporate Governance’ for the
year 2008 at London.
Credit Rating
During the year under review, ICRA Limited, an
associate of Moody’s Investor Service and a leading
credit rating agency, assigned ‘A2+’ for Company’s
short term Debt programme of Rs.3,000 Crores.
Further, CRISIL, a unit of Standard & Poor’s,
assigned ‘A+ ’ / Rating “watch with developing
implications” to the Company’s Rs. 92.90 billion
Term Loans and Overdraft Facility and “P1” /
Rating “watch with developing implications” to the
18
Company’s Rs.15.99 billion Short Term Loan, Bank
Guarantee and Letter of Credit.
Wind Power Business
In order to concentrate and consolidate on its
core business, your Company, on 1st July, 2009,
transferred its Wind Power business to its wholly
owned subsidiary, DLF Wind Power Private Limited,
on slump sale basis pursuant to the approval granted
by the Shareholders through postal ballot.
Acknowledgements
Your Directors wish to place on record their sincere
appreciation to the employees at all levels for
their hard work, dedication and commitment. The
enthusiasm and unstinting efforts of the employees
have enabled the Company to remain at the
forefront of the industry despite slow-down in the
Real-Estate Industry.
Your Company continues to occupy a place
of respect amongst 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 Financial
Institutions, Banks, Central & State Government
authorities, other business associates, who have
extended their valuable sustained support and
encouragement during the year under review.
It will be the Company’s endeavour to build
and nurture strong links with industry based on
mutual respect and consistent co-operation
aligned with customer interests.
for and on behalf of the Board of Directors
New Delhi (Dr. K.P. Singh)
30th July, 2009 Chairman

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, are given as under:
A Conservation of Energy
a) Energy conservation measures taken
b) Additional investments and proposals, if
any, being implemented for reduction of
consumption of energy
c) Impact of the measures at (a) and (b) above
for reduction of energy consumption and
consequent impact on the cost of production
of goods
d) Total energy consumption and energy per unit
of production
B. Technology Absorption
e) Efforts made in technology absorption
C. Foreign Exchange Earnings and Outgo:
f) i) Activities relating to exports
ii) Initiatives taken to increase exports
iii) Development of new export markets for
products and services
iv) Export Plans
g) Total Foreign Exchange earned and used:
a) Foreign Exchange earned
b) Foreign Exchange used
ANNEXURE - A
i) Use of wind energy for power generation 228 MW of capacity has been
installed.
ii) Energy conservation done by installing co-generation plants using gas
based power generators and Vapour Absorption Machines (VAMs) in four
projects which have already been commissioned.
For another seven projects procurement/installation of generators &
VAMs is in progress.
iii) Energy saved by using exhaust gas and water in VAMs approx. 11 lakh
units per month in four plants.
Additional investment is being planned to install further co-generation plants.
Use of solar energy for common area lighting is being practised.
Electrical energy to the tune of approx. 11 lakh units per month is being
saved.
NA
NA
The Company is engaged in developing /constructing residential and
commercial properties in India and selling the immovable properties to
customers in India and abroad.
The Company does not have any export activities.
The Company receives remittances of sale consideration for immovable
properties located in India, purchased by the customers’ abroad.
The Company has taken many initiatives to increase the sale of immovable
properties to the customers abroad by designing premium apartments in
accordance with the requirements and lifestyle of NRIs, by holding meetings
with customers at different locations abroad, attending exhibitions, fairs etc.
through its senior executives and Directors with a view to have personal
contact with customers, by giving advertisement in India and abroad, by
having continuous touch with enquiries from customers abroad through the
Company’s liaison office in London.
(Rs. In Crores)
2008-09 2007-08
99.28 70.70
62.90 120.30
19
 FORM – A
Form for Disclosure of Particulars with respect to Conservation of Energy

A. Power and Fuel Consumption

Electricity
Purchased Current Year Previous Year
Unit 37,421,772 48,166,505
a)
Total Amount (in Rs.) 178,127,635 219,157,596
Rate per Unit 4.76 4.55
Own Generation
Through diesel generation
1.
Unit 109,431,014 59,596,491
i)
Unit per litre of diesel oil 3.82 3.82
b) Cost/Unit (in Rs.) 9.81 9.16
Through gas turbine/generator
Unit 40,503,954 30,231,250
ii)
Unit per litre of fuel oil/gas 3.70 3.70
Cost/Unit (in Rs.) 3.51 3.40
Coal (Specify quantity and where used)
Quantity (tonnes) NA NA
2.
Total Cost (in Rs.) NA NA
Average Rate NA NA
Furnace Oil
Quantity (K. Litres) NA NA
3.
Total Amount (in Rs.) NA NA
Average Rate NA NA
4. Others/internal generation through wind energy
Quantity (Units) 364,785,013 28,563,397
Total Cost (in Rs.) 113,083,354 8,854,653
Rate/Unit (in Rs.) 0.31 0.31

B. Consumption per unit of Production

Standards, (if any) Current Year Previous Year

Products (with details) unit - NA NA
Electricity - NA NA
Furnace Oil - NA NA
Coal (Specify quality) - NA NA
Others (specify) - NA NA

20
 FORM - B
Form for disclosure of Particulars with respect to Absorption

Research and Development (R&D)

Company has initiated first of its kind building cogeneration

activities. The waste heat of the flue gases is used in absorption
1. Specific areas in which R & D carried out by the Company chillers. Efforts are being made with the help of USAID and TERI
for building energy simulation.

6.7 Million Units of energy saved through waste heat based

2. Benefits derived as a result of the above R & D
absorption chillers used for building air-conditioning.
Exploring the possibility of use of the building integrated Solar
3. Future plan of action
PV power in future commercial & retail projects.
4. Expenditure on R & D Nil
a. Capital
b. Recurring
c. Total
5. Total R&D expenditure as a percentage of total turnover Nil

Technology Absorption, Adaptation and Innovation

Efforts in brief, made towards technology absorption, Efforts are made for adopting the building cogeneration technology
1.
adaptation and innovation in a combination of residential and commercial projects.
Approx. 60% water saving on account of air conditioning by
2. Benefits derived as a result of the above efforts using adiabatic cooler and approx.23% electrical energy saving
by using VAMs and Solar cells.
In case of imported technology (imported during the last 5
years reckoned from the beginning of the financial year)
following information may be furnished
a) Technology imported
3. NA
b) Year of import
c) Has technology been fully absorbed
d) If not fully absorbed, areas where this has not taken place,
reasons therefore and future plan of action.

21
 ANNEXURE - B
Statement pursuant to Clause 12 ‘Disclosure in the Directors’ Report of SEBI (Employees’ Stock
Option Scheme and Employees’ Stock Purchase Scheme) Guidelines, 1999.

Total Grants
Future Grants
2007 2008 made till
2009
31.03.09
(a) (i) Options granted 40,42,134 18,05,579 58,47,713 Min - 3,81,559
Max - 16,46,959
(b) Pricing formula Intrinsic Value
(c) Options vested Nil
(d) Options exercised Nil
(e) Total number of equity shares arising as a result of exercise
58,47,713
of options
(f) Options forfeited / lapsed 6,99,937
(g) Variation of terms of options Nil
(h) Money realized by exercise of options Nil
(i) Total number of options in force at the end of the year 51,47,776
(j) Employee wise detail of options granted during the financial
Mr.T.C.Goyal, Managing Director
year 2008-09 :
Total Options Granted till 31.03.2009 = 4,05,700
(i) Senior Managerial Personnel (Directors’ on Board)
(ii) Any other employee receiving grant in any one year of
option amounting to 5% or more of the options granted during Nil
the year
(iii) Identified employees who are granted options, during
any one year, equal to or exceeding 1% of the total issued
Nil
capital (excluding outstanding warrants and conversions) of
the Company at the time of grant.
(k) Diluted Earning Per Share (EPS) pursuant to issue of
shares on exercise of option calculated in accordance with Rs. 9.09
Accounting Standard (AS – 20- Earnings Per Share)
(l) Where the Company has the employee compensation cost Difference in employee compensation cost:
using the intrinsic value of the stock options, the difference Reduction Rs. 428.68 lac.
between the employee compensation cost calculated using Impact on Profit :
intrinsic value of stock options and the employee compensation Increase by Rs. 282.97 lac (net of Income Tax)
cost recognized if the fair value of the options had been used
and the impact of this difference on profits and EPS of the Impact on EPS:
Company. Basic = + 0.03; Diluted = + 0.01
(m) Weighted average exercise price and weighted average Rs.2
fair value of options whose exercise price equals or exceeds Weighted average fair value for options granted on 1st July, 2008 :
or is less than market price of the stock. Rs.380.83
Weighted average fair value for options granted on 10th October, 2008 :
Rs.293.26
(n) Description of method and significant assumptions used Weighted average information for options granted on 1st July 2008 :
during the year to estimate fair value of options. (i) Risk free interest rate :9.46%
(ii) Expected life (in years) : 6.5
(iii) Expected volatility :52.12%
(iv) Expected dividend yield :0.57%
(v) Price of the underlying share in the market at the time of option grant :
Rs.396.40
Weighted average information for options granted on 10th October, 2008 :
(i) Risk free interest rate : 8.17%
(ii) Expected life (in years) : 6.5
(iii) Expected volatility : 59.60%
(iv) Expected dividend yield : 0.73%
(v) Price of the underlying share in the market at the time of option grant :
Rs.308.85

22
Corporate Social Responsibility
DLF Foundation - An initiative
This year, your Company embarked on an ambitious
mission towards fulfilling its social commitments
by establishing DLF Foundation. Under the direct
patronage of Dr. K.P. Singh, Chairman, DLF
Limited, the DLF Foundation has been formed
with the mission of empowering communities by
creating opportunities for the underprivileged and
providing platforms for promoting inclusive growth
which is environmentally friendly, sustainable
and socially uplifting. The overall aim is to foster
significant improvements in areas of education,
training, health and environment.
Education
• DLF Rural Learning Excellence Centres.
The DLF-Pratham Learning Enhancement
Programme covering 25 government schools
in over 22 villages of Gurgaon continues
to enable underprivileged children from
the rural community to enhance quality
of learning in English, Mathematics and
Hindi. The Programme has been extended
to cover Advanced English learning and
establishment of rural libraries. The English
learning module which started with 40
teachers in November,2008 aims at improving
English conversation and reading skills of
the Government Primary school students.
These students coming from marginalised
backgrounds are now learning to communicate
in English and the programme has been
extremely well received by the beneficiaries.
• Swapan Sarthak School. DLF is running a
non formal school for over 200 underprivileged
children with no access to formal education
wherein all facilities including fees, uniforms,
books and mid day meals are being
provided. Out of these, 30 students are being
mainstreamed in formal schools under a
scholarship scheme where all their education
expenses will be borne by the Foundation.
Seeing the success of this programme, plans
are afoot to open a number of additional
schools in the current financial year.
• SBM Senior Secondary School. Your
Company is running a CBSE affiliated SBM
ANNEXURE - C
Senior Secondary School in Delhi. The school
has on its rolls 780 students coming from
low income group families and a number of
academic and administrative reforms have
been undertaken to improve the functioning
of the school. This year performance of
students in the Board exams of standard 10th
and 12th has been very encouraging wherein
a large number of students have achieved
distinctions. DLF is also constructing a state-
of-the-art and modern school premises with a
completely new look at its own cost.
• DLF Summerfields School. DLF is running
a CBSE affiliated 10+2 Summerfields
School, Gurgaon for the urban and rural
communities. There are 1800 students
studying in this school.
Health
• Rural Primary Health Centres. DLF has
established a rural health care programme
under which the Company has set up a
number of Rural Primary Health Centres in
Haryana. Each Centre is catering to a village
cluster for providing preventive and curative
health services to the under-privileged and
rural population. Equipped with medical
consultancy, diagnostic facilities and medicine
dispensation, these Centres promote
community health awareness and free health
care for the rural needy. Specialists are
available at the Centres during clinic hours
and partnerships have been established
with leading hospital brands in Gurgaon for
evacuation and treatment of patients for
secondary and tertiary care. The Company
is taking definitive steps for starting mobile
clinics based on mobile vans to extend our
reach into new villages where primary health
services are scanty.
• Eye Care camps. A number of eye camps
have been organised in rural areas around
Gurgaon in association with Arunodya Eye
Centre. In these Camps eye care diagnostics
and surgical care were provided.
• Blood donation camp. A blood Donation
23
 Camp was organised by Lioness Club
Sukarma, Gurgaon and at Delhi. There
was a very enthusiastic response from DLF
employees who donated blood in large
numbers.
Mid-Day Meals for the disabled
DLF has partnered the Delhi Government’s
“Hunger Free Delhi Campaign – Aapki Rasoi”
for providing daily free meals at a disabled
workers site at the India Gate Lawns in
New Delhi.
Labour Welfare
• Housing for Construction Workers.
Recognising the need to provide basic
housing for the construction workers
employed in various DLF projects, DLF has
built a number of labour camps equipped with
modern facilities. During the financial year,
your Company has established a new modern
housing complex for construction workers in
Kherki Daula, Gurgaon. This complex caters
to the housing, education and health needs
of about 5,000 construction workers and their
families.
• Construction Training Centre. A construction
training centre has been established for
training potential supervisory level staff. This
centre imparts training in various construction
disciplines and is fully residential. This aims
to bring more professionalism in construction
activities.
Vocational Training Centres
DLF Vocational Training Centres operating
with the philosophy of end-to-end livelihood
solutions have trained and placed 1500
trainees in their respective work fields so far.
These training centres were established to
train unemployed youth from underprivileged
backgrounds with the objective to empower
them with permanent skills thereby enabling
them to earn their livelihoods. More such
vocational centres are planned to be
established in partnership with other reputed
organisations in this field.
24
Community Outreach and Integrated
Rural Development
Community outreach activities were taken
up pro-actively across all DLF locations.
Development activities were undertaken in
association with NGOs, Panchayats and local
communities in the areas of:-
a) Medical care through organizing
awareness and health camps;
b) Introduction of modern education tools;
c) Enhancement of education standards
by enlisting credible professional
organisations;
d) Renovation of village schools and up-
gradation of rural infrastructure; and
e) Construction of rural roads.
Environment
For holistic urban and rural development, DLF
has paid special attention to environmental
improvements. The emphasis here is to give
back as much if not more as is being taken
during the rigorous development process.
The Group’s futuristic outlook encompasses a
strong commitment towards the environment.
The landscaping and greening of the area
around the development projects is indicative
of our endeavours in this regard. A total of
over 1.2 lakh trees have been planted by
DLF over a period of time, in Gurgaon. Out
of this 30,000 trees have been planted and
maintained during the present financial year
itself. HUDA has consistently over the last
seven years awarded DLF with “Excellence
in Horticulture Preservation” award.
Promoting Green Building Technologies
As a leading real estate Company in the
country, DLF is committed to adopt environ-
ment friendly practices in our buildings.
• The Company has installed gas co-generation
technology in commercial buildings leading
to significant reduction in carbon emissions
and recycling waste heat for air-conditioning
of these buildings resulting in considerable
energy savings. This initiative was recognised
with the CII conferring the “CII National
 Award for Excellence in Energy Management
- 2008” to DLF.
• A pilot project has been undertaken in
creation of energy efficient buildings. The
project has been initiated in Gandhinagar.
The demonstration project will for the first
time enable comparison between an energy
efficient building and a similar conventional
building, both constructed adjacent to each
other. This initiative is being undertaken in
association with US AID.
• DLF is constructing green buildings in
Hyderabad under certification by IGBC (Indian
Green Building Council).
• DLF undertook an initiative with TERI in
existing DLF Buildings to re-engineer buildings
for reducing energy consumption.
• DLF is a founder member of the Indian Green
Building Congress (IGBC).
In addition to the above, the following green
initiatives are being undertaken in all DLF
projects:-
• Recycling of waste water.
• Rainwater harvesting.
• Production of chilled water by Vapour
Absorption Method thus eliminating use of
ozone depleting refrigerants.
• Use of high performance reflective glass in
buildings.
• Pollution control measures during construction
activity at project sites.
• Use of green materials like fly ash in
construction
• Heat insulation roof treatment.
Award of Carbon Credits
DLF’s 150 MW wind power project at Gujarat
has been registered on 18th June 2009
for carbon credits at the United Nations
Framework Convention for Climate Change
(UNFCCC). This will generate about 3,00,000
carbon credits annually. This brings DLF in
the league of the select companies in the
country to have obtained carbon credits for
their projects. A number of other proposals
for carbon credits are in the pipeline.
Improvement of Urban Infrastructure
DLF is committed to sustaining and improving
the urban infrastructure in Gurgaon and has
undertaken the initiative of improving the road
network in the area to international standards
in partnership with HUDA. DLF under this
project is undertaking widening of HUDA
roads from National Highway 8 to Sector
55/56 in Gurgaon and improvements along
NH 8 from Delhi border to end of Gateway
Tower flyover. Under this project the road
network will include service roads, flyovers,
underpasses and bypasses to facilitate
smooth traffic movement in the area. This will
immensely benefit the local community.
Employee Participation
Employees form an important segment of
the Group and are an important stakeholder
in the business. The medical needs of our
own employees and their families are catered
for through an annual allowance and group
medical insurance. The Company has a
gratuity policy for its employees in place. The
low attrition rate in the Company is indicative
of their satisfaction and in general, the
employees are a happy lot.
The employees contributed towards the following
social causes during the year under review:
• Disaster Management – Fund-raiser for
the Bihar Flood Victims
• The disaster caused by floods in Bihar in 2008
had rendered many people homeless and
penniless. In order to make a small contribution
towards the ongoing relief and rehabilitation
efforts, all employees of your Company
contributed their one day’s salary towards the
noble cause with the management extending
an equivalent amount. A total amount of
Rs. 40 lacs was donated to the Prime Minister
Relief Fund.
• Adoption of an informal school in Kolkata
DLF employees pooled in their resources
to assist in educating children coming from
rag pickers and slum families at the Tiljala
Society in Kolkata.
25
26
Management Discussion & Analysis Report
I. INDIAN ECONOMY & THE REAL ESTATE Inflation in India reached an all time high of
SECTOR 13% in August 2008 which triggered the RBI
In recent years, India has been amongst the to address the issue by raising the Cash
fastest growing economies in the world. The Reserve Ratio (CRR), Repo and Reverse
productivity growth rate of Indian economy is Repo Rates. As the cash crunch gained
estimated to be around 8% and it is expected prominence, affecting growth rate and end
to sustain until 2020. Moreover, at this rate of user demand, fiscal stimuli were infused into
GDP growth, India is poised to become the the economy for curbing inflation by the end
second largest economy in the world after of the year (from 13% in mid-2008 inflation fell
China. Further, the World Bank has ranked to 5% by end-2008).
India as one of the top economic reformers Despite the global slowdown, India is
worldwide in the last decade. India has expected to be the second fastest growing
simplified business registration procedures, economy in the Asia Pacific region. India’s
cross-border trade and payment of taxes. It long-term growth story continues to remain
has eased access to credit and strengthened intact, against the backdrop of an increase in
investor’s interest. Factors like rapid industrial FDI in FY08, which stood at USD 24 billion.
growth, Foreign Institutional Investments and According to the Department of Industrial
Foreign Direct Investments inflow, balance- Policy and Promotion (DIPP), the first quarter
of-payments metrics, merchandise exports, of FY09 attracted USD 10 billion. A sizeable
invisible accounts and foreign-exchange- portion of this FDI inflow went into the real
reserves have made a substantial contribution estate and housing sectors, with services
towards the growth rate of Indian GDP. and infrastructure being the other recipient
sectors.
After significant global growth witnessed over
almost a decade, the year of 2008-09 saw Cushman & Wakefield research estimates that
some unforeseen events around the world. the pan-India cumulative demand projection
The global credit meltdown that started with the for the real estate sector across office,
collapse of Lehman Brothers soon percolated residential, retail and hospitality is expected
into the real economy. By the fourth quarter of to be approximately 1,098 m.s.f. by the year
2008, every nation was experiencing effects 2012. The residential segment will continue
of the worldwide recession and corrective to drive real estate demand in the country
actions were being initiated by governments accounting for nearly 63% of the total space
and central banks of all countries to tide over demand during the period 2008-12. While
the challenging times. the demand for commercial office space is

Demand Projection - Pan India

250
16
15 21
200 14
14 20
13 19
18
17
Million Sq. Ft.

150
152
136 142
100 125 132

50

44 47 48 50 54
0
2008E 2009E 2010E 2011E 2012E

Commercial Residential Retail Hospitality

Sources : Cushman & Wakefield Research

27
 Demand Pull Factors
- Robust & sustained macro economic growth
- Upsurge in industrial & business activities, espe-
cially new economic sectors
- Favorable demographic parameters
- Significant rise in consumerism
- Rapid urbanisation
- Gamut of financing options at affordable interest
rates
FACTORS DRIVING
REAL ESTATE
Resultant Impact
- Increasing occupier base
- Significant rise in demand for office/industrial
space
- Demand for newer avenues for entertainment,
leisure & shopping
- Creation of demand for new housing
Source: IBEF
expected to be 243 m.s.f. during this time
frame, the retail and hospitality segments are
expected to constitute 95 m.s.f. and 73 m.s.f.
of this total demand, respectively.
Residential
Rapid urbanization, increase in working age
population and decreasing household size
are some of the key growth drivers for the
residential space.
The rapid increase in capital values, rise in
mortgage rates and sustained poor sentiment
pertaining to employment scenario led to an
abrupt decline in housing demand in 2H/FY08.
However, despite the short term aberrations
there is still a clear latent housing demand in
the market at the right price.
Even after witnessing the high growth rate
in capital values, about 50% of locations
across major Indian cities remain affordable
given the income levels of the population.
These are mainly suburban locations that
are witnessing an onslaught of construction
activity in the office and retail sectors, thus
creating a demand for residential properties.
28
Supply Push Factors
- Policy & Regulatory reforms (100 per cent FDI)
- Positive outlook of global investors
- Fiscal incentives to developers
- Simplification of urban development guidelines
- Infrastructure support & development by Govt.
Resultant Impact
- Entry of number of Domestic & Foreign players
- Increasing competition & consumer affordability
- Easy access to means of project financing
- Increases developers risk appetite and allows
large scale development
- Improved quality of real estate assets
- Development of new urban areas and effective
utilization of prime land parcels in large cities
During Jan-Mar, 2009, some signs of
mortgage rate softening were seen wherein
major Indian banks announced new schemes
to attract customers. For instance, the State
Bank of India, the country’s largest bank,
announced a mortgage rate of 8% for the first
year. Other public and private banks followed
suit by lowering mortgage rates.
The demand for residential apartments has
also picked up post February 2009. In a
survey done by Jones Lang LaSalle Real
Estate Intelligence Service, the actual sales
of apartments grew during Jan-Mar, 2009.
The National Capital Region (NCR) recorded
sales of 4,491 apartments in Jan-Mar, 2009,
up 11% QoQ, while sales in Mumbai were flat
at 740 apartments.
Commercial
Cushman & Wakefield estimates that the total
supply for commercial office space across
the top eight cities of India in 2008 was
approximately 60 m.s.f.. While this was about
34% higher than supply of the previous year,
it was also 24% less than the office supply
projected for 2008 at the beginning of the
year. Delhi NCR accounted for the highest
supply (14.07 m.s.f.) in 2008, followed by
Bangalore, Chennai and Mumbai. These four
metropolitan centres together accounted for
nearly 74% of the total office supply across
the major cities. SEZ supply for the year was
recorded at approximately 19.3 m.s.f., with
Bangalore accounting for the highest SEZ
supply (5.71 m.s.f.), followed by Pune (4.10
m.s.f.) and Chennai (3.87 m.s.f.).
Commercial office space absorption across
major cities increased by nearly 6% in 2008
with almost 30% of the total dominated by pre-
commitments from previous years. Delhi NCR
saw nearly 5.86 m.s.f. of pre-commitments for
projects due in 2009, the highest among all
major cities. Fresh pre-commitments for the
year (to be absorbed by 2009) amounted to
12.80 m.s.f., which was a 45% drop from that
of 2007 and stands testimony to the cautious
expansion plans from the corporate sector in
this current overcast economic climate.
Retail
The mall supply in India’s top metropolitan
centres in 2008 stood at 9.60 m.s.f.,
approximately 17% increase over that in 2007.
However, it was still a significant shortfall of
over 50% from earlier mall supply projections
(Source: Cushman & Wakefield).
The soaring rentals of malls and main streets
in major metropolitan cities have turned
retailers cautious with many stalling their
immediate expansion plans or altering their
business strategy by entering value retailing,
for instance. This movement is likely to open
a plethora of opportunities for developers
and investors alike, particularly in the Tier II
and Tier III cities that offer quality space and
affordable rentals for retailers with product
offerings that are suited for consumers at
these locations. Established global retailers
such as the German Metro AG, the South
African Shoprite, Wal-Mart and now UK’s
Tesco, etc., have already made their entry into
India. Luxury brands such as Armani, Aigner,
Versace, Louis Vuitton, Dolce & Gabbana,
Zegna and Hugo Boss among many others
have also established their presence across
major Indian cities. The collection at UB City,
Bangalore and DLF Emporio at New Delhi’s
Vasant Kunj are the country’s first operational
luxury malls for Indian consumers.
The concept of specialised malls is also
gaining popularity with auto malls, jewellery
malls, furniture malls and electronics malls
anticipated to be part of the sector in the
future. Many developers are further setting
up mixed-use projects offering hotels,
amusement facilities and commercial space.
Rising income levels and a changing outlook
towards branded goods is expected to
translate into higher demand for shopping
mall space, fuelling strong growth in mall
development activities. CRISIL research
expects an investment of Rs. 176 billion in
organised retailing over the next 5 years.
Even though mall development activity was
initially restricted to a few major cities like
Mumbai and Gurgaon, it is now expected to
extend to other cities like Surat, Pune and
Ahmedabad, thus resulting in increases in
real estate activity in those cities.
Hotels
Business in the hotel industry, much like
any other sector, is cyclical in nature. Any
significant change in the economy, such as
the slowdown witnessed in 2H FY09, affects
the sector resulting in lower occupancy levels,
delays in upcoming projects and anticipated
decrease in room rentals.
Despite the temporary slowdown that the
Indian hospitality industry faced due to the
global economic crisis, India is still one of the
world’s fastest growing hotel markets. With
an overall increase in leisure and business
travellers over the past few years, India’s
hospitality industry has attracted global
attention. Hotels across all segments achieved
healthy occupancy levels until end-2007. A
buoyant domestic economy, the government’s
open sky policy, an overall real estate boom,
29
 initiatives to liberalise foreign investment and
especially the Ministry of Tourism’s (MoT)
efforts to communicate the ‘Incredible India’
campaign together contributed to a robust
demand for hospitality space in major cities
across India.
Foreign tourist arrival increased by almost
65%, from 2.38 million in 2002 to 3.92 million
in 2005, while foreign exchange earnings have
grown by over 95% during the same period. In
2007 inbound tourist arrival touched 5 million,
registering an annual growth of approximately
12%. Foreign exchange earnings from
tourism for the same period also witnessed an
impressive annual growth of 33% from USD 9
million in 2006 to USD 11.96 million in 2007.
In keeping with the current growth rate, India’s
hospitality industry is anticipated to grow at 8
per cent per annum between 2007 and 2016.
Cushman & Wakefield estimates that India
needs to build another 50,000 rooms in
the luxury 5-star up market category and
100,000 rooms in the mid market category.
The upcoming new room inventory should
not cause much concern for Mumbai & Delhi
as both the cities can easily absorb another
3,000 to 5,000 rooms in the next 2-3 years.
Between 25,000 to 27,000 new up-scale hotel
rooms are expected to be added in major
Indian cities by the year 2011 as compared
to a total of nearly 35,000 rooms in mid-scale
and budget segment. Total stock of hotel
rooms is expected to lag behind demand
till 2011.
II. YEAR GONE BY……
Even in a year of tight credit and liquidity
conditions, the Company took strategic
initiatives to face the challenges and reiterated
its leadership position in the industry.
1. CHANGING MACRO ENVIRONMENT
During the second half of FY09, events
around the world and the stringent
regulations by RBI led to a situation of
tight liquidity and tight credit availability
for Indian corporates. At times when the
30
economic environment and sentiments
were weakening globally, real estate came
to be seen as a sector with a high degree
of credit constraints and a higher risk
weightage. This was further aggravated
by the increase in interest rates, whereby
the cost of finance for Indian companies
kept increasing.
The situation became more adverse with
buyer sentiments becoming weak on
account of job uncertainties impacting
their future income in the prevailing
recessionary environment. This led the
buyers to defer their decision of buying
a house, which was coupled with an
anticipation of fall in prices. Investing in
property in such circumstances became
extremely difficult for most people.
Moreover, MNCs as well as Indian
Corporates withheld their expansion
plans, thereby impacting the demand for
office and retail spaces.
Due to the above reasons, the months
post September 2008 witnessed low
demand and low volumes of fresh sale
and lease.
2. STRATEGY
In order to weather the tough economic
environment over the last year, DLF
adopted and implemented a strategy
which allowed it to be in a relatively
comfortable liquidity position, whilst
it tested the right market conditions
where it could attract significantly larger
number of end customers. DLF managed
to effectively service all its debt and
interest obligations, without taking the
restructuring route. It ensured that all
commitments to stakeholders, customers,
financiers and employees continue to
be met in time.
During the year, the Company succeeded
in re-paying short term debt by raising
long term debt mainly by securitizing cash
flows. The quality of the debt portfolio
improved substantially with an average
maturity in excess of 4 years.
In order to reduce debt, the Company also
initiated a strategic and comprehensive
portfolio review, of both real estate assets
and non-real estate businesses, with a
view to aggressively exit/bringing in new
third party investors in the non-strategic
assets/businesses. The Company, post a
review, decided to exit its large township
projects in Bidadi and Dankuni given the
uncertainties regarding land acquisition
on the part of the government. DLF is
further contemplating similar measures
for other long gestation projects / assets.
Additionally, the Company continued its
focus on cost reduction in all areas and
maintained tight focus on cash flows to
ensure that operating cashflows met all
operating requirements, including finance
charges. The completion schedule of
various projects in commercial and retail
categories has also been moderated
in line with market requirement and
customer commitments. Accordingly, it
slowed down construction on 27 m.s.f. of
office and retail projects combined.
For better value to its customers, DLF
rescued its product offering at various
locations. Looking at the changed
scenario, the Company revamped the
apartment size and altered the launch
price of new projects- like The Summit in
Hyderabad and The Westend Heights in
Bangalore - in line with the expectations
of customers. The pricing and apartment
size in new projects were modified with a
view to bring down the ticket size of the
units for the benefit of the buyers.
The Company also revised pricing of some
projects that had already been booked to
keep the price in line with the prevalent
market value. In an endeavour to pass on
the benefits of reduced construction cost
to its customers, DLF revised the price of
its apartments in Gardencity, DLF OMR
in Chennai and New Town Heights in
New Gurgaon.
While the customers benefited with
overall cost of the apartments reducing
by approx. 15-25%, the gross margins for
the Company on these projects declined
by 10% to 20-25%.
In terms of new launches, DLF followed
a cautious approach given the poor
customer sentiments. New leasing
volume was also subdued, while there
were marginal cancellations of pre-leases
during the year.
However, in a continued effort to test
new markets and offer optimum product
to customers for which demand exists,
DLF launched few projects at aggressive
price points in the beginning of current
fiscal, further establishing its position
as the industry leader. These projects
included city centric project – DLF Capital
Greens (in New Delhi) and affordable
housing projects – DLF Westend
Heights (in Bangalore) and The Summit
(Hyderabad).
Going forward, DLF will continue to focus
on liquidity preservation and launch
projects in line with market demand after
adequate research of the same. DLF
plans to adopt the following steps as a
part of its corporate strategy:

Relinquish marginal projects
The Company intends to relinquish
its projects where the development
margins are low in today’s economic
context. The objective is to improve
cash flows today rather than
developing those projects over a
period of 2-3 years while running a
risk during the period of construction
of these projects.

Rationalise construction
The focus of the Company is on timely
execution and delivery of its projects
to meet the timelines committed to
its customers. It, thus, intends to
31
 prioritize its construction activity and
construction spend with focus on
conserving capital. DLF has already
slowed down construction of 27 m.s.f.
of capital intensive office and retail
projects.

Conserve liquidity
• Improved debt profile
The Company is focusing on
improving its debt profile with a
clear visibility of the action plan
which is expected to reduce
debt by half. DLF has met all
its commitments and made long
term arrangements for balance
debt, without any restructuring.
DLF has already raised significant
long term debt to meet short term
obligations. The average maturity
of debt portfolio is in excess of
48 months, showing improved
quality of debt profile.
The average interest cost for the
debt is at 12.38%. The Company
has its debt repayment schedule
well in place and expects to bring
down its net debt to equity ratio
to 0.3 in the near future from a
level of 0.6.
• Payment of short term loans
DLF intends to pay all its short
term obligations without any
restructuring / rescheduling.
Since October 2008, the
Company repaid its obligations in
excess of Rs. 5,000 Crores and
successfully raised Rs. 2,800
Crores in the form of rent/sales
securitized loans to pay short
term obligations.
• Successful fund raising
The Company also plans to raise
Rs. 5,500 Crores from sale of
non-core assets and expects an
additional inflow of more than
Rs. 2,000 Crores from DLF
Assets Private Limited (DAL).
32

Focus on core businesses going
forward
During the year, DLF focussed on
portfolio adjustments towards liquidity
preservation and de-leveraging
through unlocking value from non-
strategic assets or assets which do
not have any short to medium term
utilization.
Going forward, DLF intends to
focus on its key business verticals –
homes, office and retail (commercial
complexes and retail malls). The
primary focus will be on execution
and delivery of projects which have
been pre-sold/ pre-leased. Following
this, DLF plans to make new launches
of saleable projects, with a target to
launch around 16 m.s.f. of homes.
It will plan fresh launches for office
and retail malls for leasing depending
on the visibility on pre-leasing in the
coming quarters.
The Company will continue to
aggressively test the market for
affordable housing across newer
locations, with plans to launch 6-7
m.s.f. of mid-income homes during
FY10. It also plans to launch 8-9 m.s.f.
of “city-centric” housing projects. Apart
from these, the Company also plans
to launch 1-2 m.s.f. of commercial
complexes as well as engage with
office clients to grow leasing volumes
at competitive rates.

Financial Review 2008-09
Revenue & Profitability
During the fiscal 2008-09, DLF
consolidated revenues of Rs. 10,431
Crores for FY09 down by 29% from Rs.
14,684 Crores for FY08. EBIDTA stood
at Rs. 5,986 Crores, down by 40% as
compared to Rs. 9,961 Crores in the
previous year. Net profit remained at
Rs. 4,469 Crores, a fall of 43% from
Rs. 7,813 Crores. The EPS for FY09
stood at Rs. 26.24 as compared to
Rs. 46.90 for FY08.
The decline in revenue was primarily on
account of limited new sales and fresh
leases as a result of lower demand
witnessed in the year. The revenues
recognized from DAL also declined to
Rs. 4,004 Crores from Rs. 6,943 Crores in
the previous year with the management’s
decision to stop recognizing further
revenues from DAL on account of low
pre-leasing activity for DAL properties.
The revenue recognized on PoCM basis
also fell as a result of reprioritisation of
projects to tide over the adverse credit
and liquidity conditions.
The revenue and profit figures of the
Company during the year were after
adjusting for losses contributed by non-
core, like DLF Pramerica Life Insurance,
Hotels & Power, amounting to Rs. 163
Crores. These are new businesses
of the Company which are still being
nurtured, but are expected to contribute
significantly once they become operational
in full swing.
To provide maximum value to customers
in difficult economic conditions, DLF
announced / gave price reset and other
benefits to customers amounting to a
total revenue impact of Rs. 688 Crores,
a part of which reflected in the numbers
for 2008-09 as well.
The rental income during the year
increased to Rs. 520 Crores from
Rs. 285 Crores in the previous year,
despite subdued volumes of fresh
leasing and marginal cancellations of
pre-leases during the year. The year
saw launch of commercial complexes
across the country and premium
homes targeted at mid-income segment.
Total expenditure declined to Rs. 4,445
Crores from Rs. 4,722 Crores during
last fiscal. The construction cost was
contained at Rs. 3,229 Crores from
Rs. 4,000 Crores as a result of decline
in construction costs and reduced
construction activity, with certain projects
being put on hold. The staff cost increased
to Rs. 454 Crores from Rs. 300 Crores
and the other expenditure rose to Rs.
762 Crores from Rs. 424 Crores.
The finance charges increased to Rs. 555
Crores (excluding capitalized interest)
as against Rs. 310 Crores (excluding
capitalized interest) in the previous year,
despite high interest rates prevailing for
most of the year. The Company was able
33
 to contain its interest costs due to efficient
mix of various debt instruments.
The direct tax outflow from DLF was
Rs. 750 Crores.
EBIDTA margins saw a decline to 57%
from 68 % in the previous year, owing to
focus on launch of mid-income homes,
and decline in launch of commercial
complexes and luxury homes. Decline in
revenues booked on account of DAL also
contributed to the decline in the margins.
Balance Sheet
With a net worth of Rs. 24,154 Crores,
net gearing of 61% and cash reserves
of Rs. 1,196 Crores, DLF has a
strong balance sheet even after a
turbulent year.
The Company met all its stakeholders’
commitments in time during the year,
including its commitments towards
debt servicing to banks and financial
institutions, without any restructuring
of debt.
DLF also raised significant long term debt
to pay its short term obligations and met
its operating requirements with prudent
internal cash flow management. The
Company’s debt now has an average
maturity of over forty eight months.
The shareholders’ funds improved to
Rs. 24,154 Crores from Rs. 19,688
Crores. The loan funds saw an increase
to Rs. 16,320 Crores from Rs. 12,209
Crores. The net debt-equity ratio stood at
0.62 as compared to 0.51 at the beginning
of the year, which is amongst the lowest
in the real estate sector.
Net fixed assets grew to Rs. 7,912
Crores from Rs. 4,819 Crores on account
of capitalization of leased-out assets and
movement of some land parcels from
stocks. Capital work-in-progress rose to
Rs. 5,688 Crores from Rs. 5,184 Crores
as area under construction for to-be-
leased out assets grew.
34
Investments grew marginally to Rs. 1,402
Crores from Rs. 911 Crores on account
of investments in joint ventures and
consolidation of investments made by
Insurance JV. Stocks grew on account of
increase in work-in-progress as projects
under construction grew.
The increase in sundry debtors was owing
largely due to increase in receivables
from DLF Assets during the year, while
receivables from non-DAL sales remained
similar. Receivables from non-DAL sales
usually remain high as revenues get
booked under percentage of completion
method (PoCM) on the balance sheet
date while the customer payments would
be due a few days later. The increase in
sundry debtors need also be seen in light
with advances from customers, which is
reflected in current liabilities and stands
at Rs. 1,700 Crores.
The cash and bank balances reduced to
Rs. 1,196 Crores from Rs. 2,142 Crores
at the beginning of the year as cash
got deployed in working capital. The
increase in loans and advances to Rs.
9,712 Crores from Rs. 7,369 Crores was
on account of increase in advance tax
payment, increase in advances during
course of business and partly on account
of advances outside the group.
The current liabilities include advances
received for sale of properties that were
not recognized in sales revenue. While
the current liabilities stood at Rs. 4,140
Crores, the advances from customers
amounted to Rs. 1,700 Crores, reflecting
that other current liabilities have come
down.
BUSINESS REVIEW 2008-09
1. HOMES
Built on a foundation of strong lineage
and an established reputation, DLF has
been a trendsetter in contemporary urban
development and housing. These
developments have always been all
embracing with comprehensive solutions
for eminent and quality living.
DLF has pioneered some of the
best-known urban housing and retail
destinations in Delhi including South
Extension, Greater Kailash, Rajouri
Garden, Model Town, Hauz Khas and
Kailash Colony.
The product categories of the Company
in homes segment deliver the strengths
of good architecture, appropriate
designs, impressive aesthetics and safety
features.
DLF’s dominant position in Indian
homes segment:
• Trusted brand with superior execution
track record
• Pioneered townships and group
housing in India
• Complete offering of super luxury,
luxury and mid-income homes
• 195 m.s.f. of plots and 21 m.s.f. of
group housing developed
• 290 m.s.f. of development potential
• 16 m.s.f. under construction

Performance FY09
The year 2008-09 started with carrying
forward the success of mid-income
homes launched in FY09. However,
with the change in the overall economic
environment, the sales saw a slump post
October 2008. This was primarily due
to weak customer confidence in buying
homes on account of uncertainty of future
incomes, coupled with a perception and
anticipation of price of homes being
Launches FY09
reduced.
• Westend Heights in BTM, Bangalore
Looking at the changed scenario, DLF • Green Estate in DLF Nandigama,
revamped few of its offerings and launched Hyderabad
new projects in line with the expectations • DLF Express Towers in DLF New
of customers. It also restructured some Gurgaon
of its projects and revised prices in • DLF Express Greens in DLF New
some others. Gurgaon

35
 • The Summit in Kokapet, Hyderabad
• New Town Heights, DLF Kakkanad
Outlook
Given the prevalent sentiments, DLF
plans to follow a cautious approach
towards new launches. However, as
economic conditions stabilize, it plans
to make selective new launches based
on targeted market research in different
markets to catch the changing demand
scenario.
The first quarter of FY10 has already
started showing positive signs with ~
3 m.s.f. sold in homes segment. 1,389
apartments were booked in a single day
in the newly launched project – Capital
Greens – in the heart of Delhi during
April 2009. Even in Bangalore, over 700
apartments were booked in Q1 FY10
alone. Seeing these positive trends,
the Company will continue to launch
new residential projects in various
locations across the country, after
adequate research of market demand, at
the best prices.
The Company will continue to focus on
affordable housing with test launches
across newer locations, alongwith
launching some strategic “city-center”
housing projects, with an endeavour
to generate buyer interest by providing
excellent location and superior product
specifications.
2. OFFICES
With over six decades of excellence,
DLF is a name synonymous with global
standards, new generation workspaces
and lifestyles. It has the distinction of
developing commercial projects and
IT parks that are at par with the best in
the world.
DLF has pioneered the ‘walk-to-work’
concept with the 3,000-acre DLF
36
City, where well-planned residential
developments are integrated with modern
business and commercial complexes.
DLF’s contemporary workplaces are
equipped with modern facilities that
synchronize functional efficiencies with
aesthetic appeal and have been identified
as preferred destinations by leading
MNCs and Indian corporate, including
many Fortune 500 companies.
DLF Commercial offers ready-to-move-in
as well as built-to-suit options in Campus
Style development with scalable growth
and large landscaped greens, effective
disaster management plan, integrated
retail and recreation areas, provision for
amenities like gym, food court, health
club, business centre, 24x7 medical
services, etc.
DLF has become a preferred name with
many IT & ITES majors and leading
Indian and International corporate
giants, including GE, IBM, Microsoft,
Canon, Citibank, Vertex, Hewitt, Fidelity
Investments, WNS, Bank of America,
Cognizant, Infosys, CSC, Symantec and
Sapient, among others.
DLF’s dominant position in Indian
offices segment...
• Founder and pioneer of Grade A office
leasing market
• Leveraging location advantages and
deep customer relationships
• Occupancy levels of ~ 98%
• More than two-third of client base
belongs to Fortune 500 list
• Mix of IT/ITES and non-IT/ITES
businesses
• 18 m.s.f. of completed commercial
space
• 68 m.s.f. of development potential
• 16 m.s.f. under construction
Performance FY09
DLF had tied up leases for office space
upto December 2009. With the economic
environment changing through the second
half of FY09, the Company focused its
strategy on execution and delivery of the
pre-leased space with reduced stress
on fresh bookings. The Company also
slowed down construction on some of its
projects and focussed on projects where
the delivery was round the corner.
Through the year, DLF pre-leased 1.12
m.s.f. of fresh office space while some
marginal cancellations were witnessed in
the space booked earlier. With its strong
emphasis on execution and meeting
commitments of delivery, DLF delivered
4.98 m.s.f. of space to its customers.
DLF has 16 m.s.f. of office space under
construction against 17 m.s.f. of pre-
leases in place.
During the year, the Company also
applied for de-notification of 5 of its SEZs,
and received in principle approval from
the Central Government for the same.
Outlook
DLF intends to expedite execution and
deliveries wherever backlog exists and
heighten the construction activity based
on visibility of pre-leasing. The strategic
locations of Company’s land resource
for office development and excellent
client relationships over the years will
enable it to increase its leasing activity
as and when the markets improve and
corporates revive their expansion plans.
3. RETAIL
DLF has different retail real estate
development formats catering to the
entire spectrum of the retail market.
Through this broad based approach, the
Company is able to serve the needs of
customers with different buying patterns
and purchasing power.
37
 Retail Malls
DLF pioneered the retail revolution in the
country and brought about a paradigm
shift in the industry by redefining shopping,
recreation and leisure experiences with
the launch of City Centre in Gurgaon
in 2000. Changing lifestyles, an accent
on quality entertainment, transition in
consumer preferences from conventional
modes to a wholesome entertainment
experience, enhanced income levels and
a higher propensity to spend have further
triggered the growth in the retail market
in the country. DLF’s retail activities in
the exciting arena of mall development
synchronize well with its other activities in
the entertainment business with a chain
of multiplexes - DT Cinemas.
DLF’s expansion in Indian retail
segment …
• Quality portfolio of premium locations
across India.
• Complete portfolio of luxury malls,
shopping malls and neighborhood
malls.
• Benefit of established brand name
and strong track record.
• Adequate mix of luxury, premium and
semi-premium brands – International
as well as Indian.
Performance FY09
During the year, DLF opened four retail
malls in New Delhi and one in Chandigarh.
These include DLF Place (Saket), DLF
Place & DLF Emporio (Vasant Kunj), DT
City Centre (Shalimar Bagh) and DT City
Centre (Chandigarh).
DLF Place, Vasant Kunj, has the maximum
number of screens (seven) across all
cinemas in Delhi and NCR. DLF now has
26 screens of DT Cinemas across Delhi,
NCR and Chandigarh.
Although fresh leasing was subdued
owing to the slowdown in the economy,
38
DLF continued to remain focussed
on execution and delivery of
pre-leased projects.
Commercial Complexes
Since its inception in 2007, DLF has
successfully launched commercial
complexes and is in the process of marking
its presence across various locations in
India. DLF is credited with introducing
and pioneering the revolutionary concept
of developing commercial complexes in
the vicinity of residential areas.
The success of the commercial
complexes by DLF can be attributed to
its implementation of successful business
models, which include development of
innovative business strategies,
strengthening its professional resources
and driving market penetration that is
adaptive to local market needs. The
strategic positioning of its projects and
scale of operations makes DLF the
indispensable leader in the commercial
real estate business.
A strong Pan-India presence backed by a
full range of project planning, management
and execution skills makes DLF a
leader in the business.
Performance FY09
DLF proved its business model for
commercial complexes with significant
sales in projects launched – Corporate
Greens in New Gurgaon and DLF Towers,
Lucknow – in the first half of the year.
However, the demand saw a decline
 with the dampening of economic
environment, due to which the sales
declined in later part of the year. DLF
Tower in Lucknow, launched during Q2
FY09 saw a good response.
5.
Outlook
Focussing on the sales model, DLF plans
to make selective launches of commercial
complexes across the country with plans
to launch 1-2 m.s.f. It will also seek to
further enhance the existing standards
of mall management for success in
retail malls.
It will continue to focus on execution of
projects which are pre-sold to meet its
commitments.
4. HOTELS
DLF plans to develop world-class
hospitality properties under the luxury,
business, leisure & recreational segments
of the hospitality industry. The Company
seeks to tie-up with the finest and most
comprehensive global operators to suit
“individual property” theme with some of
the leading brands of hotels in the world.
DLF has acquired AMAN Resorts to
establish its presence in the hotel
business internationally. It also has a JV
with Hilton hotels for the development
and management of hotels pan-India.
Aman Lodhi, a luxury property of AMAN
Resorts in New Delhi, opened in FY09.
Due to market conditions prevalent
in the second half of 2008-09, DLF
suspended all hotel projects till the
economic conditions and the industry
revives. However, the first hotel under the
DLF-Hilton JV, the Hilton Garden Inn
Saket in Delhi, which got delayed due
to certain regulatory approvals, is now
expected to open in second quarter
of FY10.
LIFE INSURANCE
DLF Pramerica Life Insurance Company
Ltd. (DPLI), a joint venture between DLF
Limited and Prudential International
Insurance Holdings (PIIH), has been
incorporated to develop, promote, market
and sell life insurance products in India
on an exclusive basis. DLF holds 74% of
the equity share capital of the joint venture
Company and Prudential Insurance holds
26% of the equity share capital of the joint
venture Company.
DPLI commenced operations in India in
September, 2008, with the introduction
of two innovative insurance products -
DLF Pramerica Family Income Plan and
DLF Pramerica Wealth+. The Company
has recently launched DLF Pramerica
Golden Age, a Unit-Linked Pension Plan
with many advantages, including built-in
safety measures to help safeguard an
individual’s retirement investments.
Performance FY09
Within a short period, the Company has
established itself in the industry that it
operates in. Some of the major milestones
include:
• 2,778 policies issued with Annualized
Premium of Rs.6.45 Crores and a
Sum assured of Rs.66.52 Crores by
March, 2009.
• 13 branches opened and functional
across NCR, Haryana and Punjab.
• Third party distribution has been
initiated through corporate agents and
brokers.
• 5 products and 4 riders have been
introduced. This includes protection
39
 oriented term plans as well as unit link
product options.
• As on March 31, 2009 the Company
had 434 employees on board.
Outlook
• Scale-up the agency sales force
deeper into the Punjab, Haryana and
NCR markets. The Company also
plans to enter select new states in the
current year.
• Establish third party distribution and
form select deep partnerships. The
Company will customize products
and operating processes to provide
superior customer service to third
party distributors.
• Expand the product suite by introducing
market-leading products.
• Maintain the high focus on cost and
capital efficiency.
• Strengthen brand awareness and
recognition.
6. ASSET MANAGEMENT
DLF-Pramerica Asset Managers Private
Limited is a joint venture between DLF
Limited and Prudential Financial, Inc.
(PFI) to carry on asset management
business with investment expertise
primarily focussed on the Indian
capital markets.
PFI is the financial services leader with
approximately USD 637 billion of assets
under management as of September 30,
2007 and was the world’s 14th largest
institutional asset manager based on
worldwide assets under management, as
ranked by Pensions & Investments, US
trade publication, as of Dec. 31, 2006.
Under the terms of the agreement, PFI
is the majority shareholder in the joint
venture with 61 per cent interest, while
DLF owns 39 per cent. The Company will
provide a broad array of mutual fund and
investment products, including domestic
40
and eventually international mutual funds
to Indian retail and institutional clients.
The AMC has received in-principle
approval from SEBI and is awaiting
approval to commence business.
III. CORPORATE FUNCTIONS
1. HUMAN RESOURCE
Human resource in DLF continues to be a
core strength and always endeavours to
work towards having sound, proactive &
progressive HR strategies and practices in
place so as to align Company’s objectives
and employee aspirations. The function
continues to strive towards ensuring
that the HR philosophy is translated into
action.
Performance – FY09
• Resource planning & talent
acquisition : Looking at the economic
downturn during the year, the focus
was on ensuring optimum utilization of
manpower by redeploying personnel
from low priority, slow moving projects
to high priority projects. Along side, it
was also ensured that operations do
not get affected due to any shortfall of
manpower. DLF now has a high caliber,
well experienced, multifunctional team
of 2,882 employees across various
group companies. DLF continues to
nurture a blend of experienced and
fresh employees in its talent pool,
including highly qualified professionals,
both technical and non-technical.
• Compensation & performance
management: DLF recognizes
that compensation is a key driver
to attract and retain the talent. Our
compensation structure continues to
be attractive and a benchmark in the
industry. We continue with our variable
component of pay linked to business
and individual performance.
• The grant of stock / shadow options
to the employees was also linked with
 employee performance.
• Training & development: Even in
the time of slow down, the HR team
continued to provide relevant need
based training activities through the
following initiatives:
– Discover yourself as a trainer:
Giving platform to the employees
to unleash their hidden potential as
a trainer and share their knowledge
with the DLF Family.
– “Express learning”: An e-learning
initiative for knowledge sharing with
employees.
– Developing Functional modules on
various functions of the business
which are available on the intranet
for employees.
– Helping employees cope with
tough times and manage stress
through stress management and
meditation workshops.
• Employee engagement & welfare:
The employees remain connected
& updated on the developments
in the Company through various
communication channels including
Townhalls, update letters from Vice
Chairman’s Desk, fortnightly HR
Newsletter-SAMPARK, intranet (DLF
Connect) and internal HR help lines to
ensure a two-way flow of information
with the employees. A knowledge
sharing forum has also been launched
in our intranet wherein the employees
can seek clarifications and information,
share their apprehensions, views and
give suggestions.
Welfare focus includes helping
employees cope up with their
personal / work related problems
through counselling by a professional
counsellor, health check up camps,
yoga and meditation sessions, etc.
DLF has now also implemented several
events and programmes that connect
not only our employees but also touch
base with their families. Events like
Cricket tournaments, photography /
painting competitions, online quiz,
festivals, have now become a way of
life at DLF.
The employees are also encouraged
to participate in community service
activities in partnership with several
NGOs, viz. blood donation camps,
tree plantation campaigns, Teach India
initiative, Aapki Rasoi- making food
available for the poor, “Vastradaan”-
collecting clothes for the down trodden
in collaboration with an NGO, among
others.
• Employee Services: All our employee
related systems have been integrated
on RAMCO applications. Various
employee services and HR systems
including employees’ records have
been made available online through
our Employee Self Service (ESS)
system in FY 2008-09.
2. FINANCE AND CONTROL
DLF’s finance team at the corporate
level is complemented by independent
finance teams of various business units
to ensure an effective and dynamic
system of flexibility and control. This
structure ensures financial propriety
and accurate reporting of business
transactions, ensuring that all statutory
requirements are strictly adhered to and
continuously monitored. This is supported
by a compliance monitoring system, an
enterprise-wide MIS that identifies any
deviations from compliances and prompts
remedial action.
DLF has a strong internal audit team
that performs a pre-audit, ensuring
compliance of procedures and internal
controls, and plays an important role
in improving checks and balances.
The team is headed by a Chief Internal
Auditor, who reports directly to the Audit
41
 Committee consisting of majority of
independent Directors. The significant
observations made in the internal audit
reports and their implementation status is
regularly presented and reviewed by the
Audit Committee of the Board.
DLF has also implemented a stringent
external audit mechanism, as required
by applicable statutes.
3. LEGAL
It is well known that Real Estate industry
requires legal due diligence in all its
activities. This necessitates compulsory
observance and compliance of all the
applicable laws as may be applicable to
Company’s business in various states
of the country from time to time. This
is where the role of Company’s Legal
Department comes into play. It has
to constantly ensure that all projects
- at pre-construction as well as post-
construction stages - get completed with
due compliance and strict observance
of laws both at the Central and at the
State level. The Company employs a
dedicated team of legal professionals
who believe in corporate ethos that
blends talent, creativity, professionalism,
dedication with corporate governance.
The Company has achieved many
milestones in successfully concluding
various important litigations in Company’s
favour, thus providing paramount support
and thrust to the Company’s business.
During the year 2008-09, a “Task Force”
was set up to ensure that the compliance
management system for complying with
various regulatory issues introduced
last year functioned smoothly and
all applicable laws to the Company’s
business were fully followed and complied
with diligently.
The grievances aired through the “Whistle
Blower” policy were promptly attended.
It was ensured by the legal team that
all concerned in the Company excel in
42
maintaining the highest observance of
corporate governance principles in letter
and spirit. A new benchmark in Corporate
Excellence was established when our
Company was selected by the World
Council of Corporate Governance for
“Golden Peacock Award” for Corporate
Governance in 2008.
Last but not the least, the Compliance
Committee of the Board of Directors
made valuable contributions in giving
suggestions and rendering advice from
time to time in strengthening the Legal
Compliance System of various laws
applicable to the Company in various
States, thus minimizing the risk areas.
The compliance team has a clear vision
and a futuristic mission to ensure that the
Company continues to be a ‘100% law
compliant Company’ in times to come and
the team is striving tirelessly across the
Company to meet this corporate goal.
4. INFORMATION TECHNOLOGY
IT function has played an important role
in DLF Limited since the Company’s
inception. DLF IT function takes care
of all the IT-related aspects across the
group (including all Business Units and
Joint Ventures), from infrastructure
management to procurement of industry-
specific standard software and their
implementation, implementation of
advanced technological products that
are reviewed from time-to-time.
After the partnership with IBM 3 years
ago, distinct improvements have
been made in the total information life
cycle - from procurement, installation,
maintenance, enhancement and
tracking of Infrastructure as reflected in
service level monitoring, customer
satisfaction and number of technological
innovations carried out.
DLF has also tied up with Bharti Airtel to
achieve secured connectivity to all DLF
offices/locations across the country.
 Performance - FY 2009
All servers, including the critical mail
server, have been migrated to IBM Data
Centre at Bangalore and domains have
been migrated to dlf.in in line with the
corporate website.
• ISO 27001 CERTIFICATION
DLF IT has been awarded ISO 27001
CERTIFICATION in Security Manage-
ment system for the provision of
information technology services to Real
estate business and support functions.
• ERP implementation
ERP implementation concluded in DLF
Limited in May’08. With transaction system
in place, work has now started on MIS
through RAMCO Business Intelligence
reporting tool. Also, work has been
started on RAMCO Customer
Relationship Module.
• Implemented SAP in our Retail Venture
which includes Business Intelligence.
• Compliance-Monitoring System
Statutory compliance monitoring system
has been implemented across the group
to ensure timely submission of returns.
• Digitization of Records
Since its inception, DLF has maintained
a repository of huge physical records of
customer copies of agreements, financial
records, approved drawings, copies of
approvals and government sanctions
and other statutory records. The current
repository of digitized records has grown
to about 11 million records.
• Setup of state-of-art Document Centre
Work is on in full swing on state-of-art
documentation centre with floor space
of approx. 43, 000 sq. ft. in one of DLF’s
own building in Cyber city, Gurgaon.
This centre will have Technical
Reference Section, Media room,
Scanning Stations, etc.
• Geographical Information System
To test the capability of GIS land
information system, a pilot project
with one of the business units of DLF
was done.
• The entire corporate website of DLF
was redesigned to make it much more
attractive and interactive with users.
A micro-site for Emporio was also
made live.
• A Computerized Digital Video
Surveillance System was installed and
tested out at one of our offices.
Outlook
The IT team of DLF intends to focus on the
following areas going forward:
• Execution skills – enhanced Project
Planning Process using state-of-the art
Project Planning Software like Prima
Vera.
• Increased control over expenditure and
profitability at Project level.
• Project compliances monitoring
(pre construction, construction, post
construction) – implement a robust
Work-Flow System which will enable
Top Management review of compliance
status as well as storage of all relevant
documents in a repository using state-of-
the art technology FILENET .
• Faster processing of Payments - all
payment processes to be automated
through a Workflow Package.
• Customer interaction to be a key – we
intend to establish improved Customer
Relationship Management which can
be acquired only by more automated
interfaces with the customer using CRM
packages.
• More on-line Management Information
System through Business Intelligence
Packages.
• Extension of Automated Attendance
System and Digital Video Surveillance
Systems to all our offices and Malls.
43
44
Corporate Governance Report
COMPANY’S PHILOSOPHY
The Company adheres to good corporate practices
and is constantly striving to better them and
adopt emerging best practices. It is believed that
adherence to business ethics and commitments
to corporate social responsibility have enabled
the Company to achieve its goal of building India
through maximizing value for all its stakeholders.
By combining ethical values with the business
acumen, strengthening of professional resources
with national interests and core business with
emerging business, the Company maintains its
legendary status of the largest and most respected
Real Estate Development Company. The Company
will continue to focus its resources, strengths and
strategies to achieve its vision of becoming the
world’s most valuable Real Estate Company, while
upholding the core values of excellence, integrity,
responsibility, quality and customer services, which
are fundamental to the DLF group.
In this pursuit, Company’s philosophy is led by
strong emphasis on human values, individual dignity
and adherence to honest, ethical and professional
conduct. This enables customers and all stakeholders
to be partners in the Company’s growth and
prosperity. The Company continuously endeavours
to improve-upon on an ongoing basis and adopts
innovative approaches for leveraging resources,
converting opportunities into achievements through
proper empowerment and motivation, fostering a
healthy growth and development of human resources
to take the Company forward.
Keeping in view the Company’s size, complexity of
operations and corporate tradition, the Corporate
Governance framework is based on the following
main principles:
• Strategic supervision by the Board of Directors
of appropriate composition, size, varied
experience and commitment to discharge
their responsibilities;
• Ensuring timely flow of information to the
Board and its Committees for meaningful and
focused discussions in the meeting;
• Independent verification of the Company’s
financial reporting;
• A sound system of internal control to mitigate
the risks;
• Timely and balanced disclosure of all material
information to all the stakeholders;
• Compliance with applicable laws, rules,
guidelines and regulations;
• Transparency and accountability; and
• Equitable and fair treatment to all its
stakeholders including employees, customers,
vendors, shareholders and investors.
BOARD OF DIRECTORS
The Board of Directors (the Board), an apex body
formed by the shareholders, serve and protect
the overall interests of stakeholders; provides and
evaluates the strategic directions of the Company;
formulates and reviews management policies
and ensure their effectiveness. The Chairman,
Vice Chairman, Managing Director and two Whole-
time Directors manage the business of the Company
under the overall supervision and guidance of
the Board.
COMPOSITION
The Board represents an optimum mix of profess-
ionalism, knowledge and experience. The total
strength of the Board is 12 members, comprising
of: 5 (42%) Executive Directors and 7 (58%) Non-
Executive Directors [6 (50%) of the total strength of
the Board are Independent Directors]. The Company
immensely benefits from the professional expertise
of the Independent Directors. The composition of the
Board is in conformity with Clause 49 of the Listing
Agreement entered into with the Stock Exchanges.
Board Meetings
The meetings of the Board are mostly held at
the Corporate office of the Company at DLF
Centre, Sansad Marg, New Delhi. During the year
2008-09, Eight Board meetings were held on:
30th April, 3rd June, 10th July, 31st July, 30th September,
31st October, 2008, 1st January and 10th March,
2009. The maximum interval between any two Board
meetings was of 61 days.
45
The Company Secretary prepares the Agenda
and Explanatory notes, in consultation with the
Chairman and Managing Director for each meeting
and circulates the same in advance to the Directors.
A tentative annual calendar for the meetings of
the Board and Audit Committee to be held in each
quarter is circulated to facilitate and assist the
Directors/ Members to plan their schedules for the
meetings for meaningful, informed and focussed
discussions. Every Director is free to suggest the
inclusion of items on the agenda. The Board meets
at least once in every quarter to review the quarterly
results and other items on the agenda. The Board is
given presentation covering industry environment,
project implementation, project financing and
operations of the Company. Additional meetings
are held, when necessary. The draft minutes of the
proceedings of the Board of Directors/Committees
are circulated in advance and the comments, if any,
received from the Directors are incorporated in the
minutes in consultation with the Chairman. Senior
executives are invited to provide additional inputs at
the Board Meetings for the items being discussed
by the Board of Directors, as and when necessary.
The Company has an effective post meeting
follow up, review and reporting mechanism for the
decisions taken by the Board / Committees. Action
taken report on decisions of the previous meeting(s)
is placed at the immediately succeeding meeting
of the Board/Committee for noting/review by the
members. The Company Secretary while preparing
the agenda notes, minutes etc., of the Meeting(s) is
responsible for ensuring adherence to all applicable
provisions of the Companies Act, 1956 and allied
laws, rules, regulations and guidelines.

Composition and Attendance

Name Financial Year 2008-09 No. of Directorships No. of Committee positions held in
Attendance at in other public limited public companies including DLF**
companies*
Board Meeting Last AGM Listed Others Chairman Member
(a) Executive Directors
Dr. K.P. Singh, Chairman 7 Yes Nil Nil Nil Nil
DIN 00003191
Mr. Rajiv Singh, Vice Chairman 8 Yes Nil Nil Nil Nil
DIN 00003214
Mr. T.C. Goyal, Managing Director 8 Yes Nil 12 Nil 1
DIN 00003231
Ms. Pia Singh, Whole-time Director 8 Yes Nil 2 Nil Nil
DIN 00067233
Mr. K. Swarup, Sr. Executive Director–Legal 7 Yes Nil 6 Nil 2
DIN 00003183
(b) Non Executive Directors
Mr. G.S. Talwar, Non Independent 4 Yes Nil Nil Nil Nil
DIN 00559460
Dr. D.V. Kapur, Independent 8 Yes 3 2 4 2
DIN 00001982
Mr. M.M. Sabharwal, Independent 8 Yes Nil Nil Nil 1
DIN 00090090
Mr. K.N. Memani, Independent 8 Yes 6 3 4 1
DIN 00020696
Mr. Ravinder Narain, Independent 7 Yes 4 0 1 2
DIN 00059197
Mr. B. Bhushan, Independent 8 Yes 1 Nil Nil 1
DIN 00004942
Brig. (Retd.) N.P. Singh, Independent 8 Yes 2 2 Nil 1
DIN 00003220
*Excludes private, foreign, unlimited liability companies and companies registered under Section 25 of the Companies Act, 1956.
**Indicates membership of Audit and Shareholders’/Investors’ Grievance Committees.
Notes:
1. The Directorship/Committee Membership is based on the latest 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 is a Director.
3. Dr. K. P. Singh, Mr. Rajiv Singh, Ms. Pia Singh and Mr. G. S. Talwar are related inter-se.

46
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 calling Annual General Meeting.
COMMITTEES OF THE BOARD
(i) Audit Committee
Composition
The Audit Committee of the Board is headed
under the stewardship of Mr. K.N. Memani, an
Independent Non-executive Director. Mr. Memani
is a Fellow Member of the Institute of Chartered
Accountants of India and has vast, diverse and
enriched experience in financial management,
corporate affairs, accounting and audit matters. The
other members of the Committee are Dr. D.V. Kapur,
Mr. M.M. Sabharwal, Mr. B. Bhushan, Independent
Non-executive Directors and Mr. T.C. Goyal,
Managing Director, having requisite financial,
accounting and management experience and
have held or hold senior positions in other reputed
organizations. The Composition of the Audit
Committee meets the requirements of Section 292A
of the Companies Act, 1956 read with Clause 49 of
the Listing Agreement.
Group Chief Financial Officer and Group
Chief Internal Auditor are permanent invitees.
Representatives of Statutory Auditors were invited
to attend and participate in the meetings. Executives
of the Finance, Accounts, Secretarial, Internal Audit
and other departments are invited on need basis.
Terms of Reference
The terms of reference of Audit Committee are in
accordance with Section 292A of the Companies
Act, 1956 and the guidelines set out in Clause 49
of the Listing Agreement. The Audit Committee is
entrusted with the responsibility to supervise the
Company’s financial control and reporting process
and inter-alia perform the following functions:
1. Overseeing financial reporting process and
disclosure of financial information, to ensure that
the financial statements are correct, sufficient
and credible;
2. Recommending appointment and removal of
the statutory auditors, fixation of audit fee and
approval for payment of any other services;
3. Reviewing with the management, the periodical
financial statements including of 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
efficacy of the functions including the structure
of the internal audit department, staffing,
reporting structure, coverage and frequency of
internal audit;
6. Discussion with internal auditor on any
significant findings and follow-up thereon;
7. Reviewing the findings 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 the management discussion and
analysis of financial condition and results of
operations, statement of significant related
party transactions, management letters/letter
of internal control weakness issued by statutory
auditors, internal audit reports etc.;
10. Reviewing the Company’s financial and risk
management policies;
11. Reviewing the uses/applications of funds raised
through public offerings; and
12. To perform such other function(s) as may be
delegated by the Board from time to time.
The previous Annual General Meeting held on 30th
September, 2008 was attended by Mr. K. N. Memani,
Chairman, Audit Committee.
47
Meetings and Attendance improvement in the quality of investor services.
The Board has delegated the powers of approving
During the year 2008-09, ten meetings of the transfer etc. of securities to Sr. Executive Director
Audit Committee were held on 30th April, 2nd June, (Legal) and /or the Company Secretary.
31st July, 12th August, 12th September, 31st October,
12th November & 24th December, 2008, 31st January Meetings and Attendance
and 24th February, 2009. The maximum gap between
any two meetings was of 59 days. The Committee had four meetings during the year
under review on 27th April, 30th July & 31st October,
Member No. of Meetings 2008 and 31st January, 2009.
Meetings held attended
Mr. K.N. Memani, Chairman 10 10 Member No. of Meetings
Meetings held attended
Dr. D.V. Kapur 10 10
Dr. D.V. Kapur, Chairman 4 4
Mr. M.M. Sabharwal 10 10
Brig. (Retd.) N.P. Singh 4 4
Mr. B. Bhushan 10 10
Mr. Ravinder Narain 4 3
Mr. T.C. Goyal 10 10
Mr. K. Swarup 4 4
Permanent Invitees
Mr. Ramesh Sanka, 10 8 Minutes of the meetings of the Shareholders’/
Group Chief Financial Officer
Investors’ Grievance Committee are approved by
Mr. J.K. Gadi, 10 10
Group Chief Internal Auditor the Chairman of the Committee and are noted and
Statutory Auditors 10 10 confirmed by the Board in its next meeting.

Minutes of the meetings of the Audit Committee are

approved by the Chairman of the Committee and
are noted and confirmed by the Board in its next
meeting.
The Company Secretary acts as the Secretary to
the Audit Committee.
Compliance Officer
Mr. S.C. Setia, Company Secretary is the Compliance
Officer for complying with the requirements of SEBI
Regulations and the Listing Agreement with Stock
Exchanges.

(ii) Shareholders’/Investors’ Grievance Redressal of Investor Grievances

Committee
Composition
The Committee comprises of four Directors, namely
Dr. D.V. Kapur, (Chairman), Brig. (Retd.) N. P. Singh,
Mr. Ravinder Narain and Mr. K. Swarup, as Members.
The Company Secretary acts as Secretary to the
Committee.
Terms of Reference
The Committee oversees and reviews all matters
connected with transfer of securities and also inter-
alia approves issue of duplicate, split of share
certificates, etc. Also the Committee looks into
The Company addresses all complaints, suggestions
and grievances expeditiously and replies have been
sent /issued usually within 7-10 days except in case
of dispute over facts or other legal impediments.
During the year under review, a total of 292 investors’
complaints were received and resolved. There
was no pending complaint and/or request for
share transfer, dematerialization etc., as on
31st March, 2009.
Redressal of Investors, Grievances
Received
No. of Complaints

redressal of Shareholders’/Investors’ complaints/ Attended

grievances pertaining to transfer or credit of shares,

non-receipt of annual reports, dividend payments
and other miscellaneous complaints. The Committee
reviews performance of the Registrar and Transfer
Agent and recommends measures for overall

48
Investor Relations Department
In line with global practice of valuing customer
relationships, the Company has established an
Investor Relations Department to maintain the
highest standards of Corporate Governance. This
department acts as a communication interface
between the Company and its existing and potential
investors.
The Investor Relations Department communicates
financial information and corporate developments
to the financial community, obtains investor
opinion/ feedback; analyse Company’s perception
outside and provides appropriate feedback to the
management. It assists institutional investors,
analysts, brokers and the general public appreciate
Company’s business strategy and help them to
understand Company’s financial statements in
appropriate context. The existing and potential
investors can also interact with the department to
get any information on the Company regarding its
businesses, operations, performance and vision.
In order to provide the best investor relations
services, a core team comprising of senior and
experienced professionals, headed by Group
Chief Financial Officer, has been set up with roles
and responsibilities clearly defined to achieve the
set goals. The team is instrumental in maintaining
close liaison with analysts and investors and
represents the Company in investor-related
events, road shows and investor conferences on
a global platform.
(iii) Finance Committee
Composition
The Finance Committee comprises of three
Directors, namely Mr. Rajiv Singh (Chairman),
Mr. T.C. Goyal and Mr. K. Swarup, as Members.
The Company Secretary acts as Secretary to the
Committee. The Group Chief Financial Officer is
the permanent invitee to the Committee.
Terms of Reference
1. Reviewing Company’s financial policies,
strategies and capital structure, working
capital, cash flow management, banking and
cash management including authorisation 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
refinancing for optimization of borrowing costs
and assignment of assets, both immovable or
movable;
3. Authorising exercise of all powers for
investment, loan and providing corporate
guarantees/securities/letter of comforts etc.
within the limits specified 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 offices 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. Authorising executives of the Company/
subsidiary/associate companies for acquisition
of land including bidding and tenders, sell/
dispose off or transfer any of the properties
and to delegate 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 2008-09, twenty six meetings of
Finance Committee were held and the attendance
thereat was as under:
49
 Member No. of Meetings Memani, Mr. Ravinder Narain, Mr. T. C. Goyal
Meetings held attended and Mr. K. Swarup as Members. The Company
Mr. Rajiv Singh, Chairman 26 26 Secretary acts as Secretary to the Committee.
Mr. T.C. Goyal 26 26
Mr. K. Swarup 26 23 Terms of Reference
1. Monitoring compliance of applicable laws,
Minutes of the meetings of the Finance Committee
rules, regulations, guidelines, etc.;
are approved by the Chairman of the Committee
and are noted and confirmed by the Board. 2. Suggesting mitigation mechanism for non-
observance;
(iv) Corporate Governance Committee
3. Fixing responsibilities of the executives
Composition for compliance of applicable laws in their
The Committee comprises of Dr. D.V. Kapur respective areas; and
(Chairman), Mr. G.S.Talwar, Mr. K.N.Memani and 4. Reviewing the findings of compliance audit
Mr. M.M. Sabharwal, as Members. The Company and to suggest remedial measures whenever
Secretary acts as Secretary to the Committee. necessary.
Terms of Reference
Meetings and Attendance
1. Overseeing implementation of mandatory and
non-mandatory requirements of Clause 49 of During the year 2008-09, four meetings of
the Listing Agreement; Compliance Committee were held on 16th May,
30th July & 4th October, 2008 and 15th January, 2009.
2. Suggesting the best available Corporate
The attendance of members was as follows:
Governance practices prevailing in the world
for adoption; Member No. of Meetings
3. Reviewing Corporate Governance Practices, Meetings held attended
Audit Reports and to recommend improve- Dr. D.V. Kapur, 4 4
Chairman
ments thereto;
Mr. M.M. Sabharwal 4 4
4. Reviewing Code of Conduct for Directors, Mr. K.N. Memani* 3 2
Senior Management Personnel and other Mr. Ravinder Narain* 3 3
executives; and Mr. T.C. Goyal 4 4
5. Reviewing the functioning of Whistle Blower Mr. K. Swarup 4 4
Mechanism. th
*co-opted on 30 July, 2008

Meeting and Attendance Minutes of the meetings of the Compliance

During the year 2008-09, one meeting of the
Corporate Governance Committee was held on 3rd
June, 2008, which was attended by all the Members
of the Committee. Minutes of the meeting of the
Corporate Governance Committee are approved
by the Chairman of the Committee and are noted
and confirmed by the Board in its next meeting.
(v) Compliance Committee
Composition
The Committee comprises of Dr. D. V. Kapur
(Chairman), Mr. M. M. Sabharwal, Mr. K. N.
Committee are approved by the Chairman of the
Committee and are noted and confirmed by the
Board in its next meeting.
(vi) Remuneration Committee
Composition
The Remuneration Committee comprises of three
Non-executive and Independent Directors- Brig.
(Retd.) N.P. Singh (Chairman), Mr. M.M.Sabharwal
and Mr. B. Bhushan, as Members. The Company
Secretary acts as Secretary to the Committee.

50
Terms of Reference • Performance of the Company, its divisions,
associates and units;
1. Determining Remuneration Policy of the
Company; • Success, potential and performance of
individual managers; and
2. Recommending remuneration including
periodic revision, performance bonus, • External competitive environment.
incentives, commission, stock options, other
services, perquisites and benefits payable The Company’s remuneration policy is based on
to the Managing, Whole-time and other three tenets: pay for responsibility, performance,
Director(s) including their relatives; potential and growth. Individual performance pay
is determined by business performance of the
3. Framing policies and fixation of compensation
business unit and the group as a whole clubbed
including salaries, incentives, bonuses,
with performance of individuals measured through
promotions, benefits, stock options and
the annual appraisal process.
performance targets for executives of the
Company; and Directors’ Remuneration
4. Formulation of the detailed terms and
The Company pays remuneration by way of
conditions of stock options, granting of
salary, benefits, perquisites and allowances
administration and superintendence thereof.
(fixed component) and commission (variable
component) to its Executive Directors based on the
Meetings and Attendance
recommendations of the Remuneration Committee
During the year 2008-09, three meetings of as per remuneration policy of the Company, within
Remuneration Committee were held on 2nd June, the ceilings fixed by the shareholders.
30th July and 31st October, 2008. The attendance
of members was as follows: During the year, the Company paid sitting fee
of Rs.20,000 per meeting to its non-executive
No. of Directors for attending meetings of the Board
Meetings
Member Meetings
held
attended and Committees thereof. The Members have
at the Annual General Meeting of the Company
Brig. (Retd.) N.P. Singh,
3 3 on 29th September, 2005 approved payment of
Chairman
Mr. M.M. Sabharwal 3 3
commission to the non-executive Directors within
the ceiling of 1% of the net profits of the Company
Mr. B. Bhushan 3 3
as computed under the applicable provisions of
the Companies Act, 1956. The said commission
Minutes of the meetings of the Remuneration
is decided each year by the Board of Directors and
Committee are approved by the Chairman of the
distributed amongst the non-executive Directors.
Committee and are noted and confirmed by the
Board in its next meeting. The Company also reimburses the out-of-pocket
expenses incurred by the Directors for attending
The Chairman of the Remuneration Committee,
meetings. The service contract, notice period,
Brig. (Retd.) N.P. Singh was present at the last
severance fee are not applicable to the non-
Annual General Meeting held on 30th September,
executive Directors.
2008.
During the financial year, there was no pecuniary
Remuneration Policy relationship or transaction between the Company
The Remuneration Policy of the Company for and of its non-executive Directors. The Company
managerial personnel is primarily based on the has not granted any stock options to any of its non-
following criteria: executive Directors.

51
The details of Remuneration paid/payable for the year ended 31st March, 2009 were as follows:
(a) Executive Directors (Rs. in lacs)

Name Salary Benefits, Commission Contribution Stock Options* Term up to

perks and to Provident (granted up
allowances Fund to 31st March,
2009))
Dr. K.P. Singh 46.50 4.44 250.00 5.58 Nil 30.09.2013
Mr. Rajiv Singh 60.00 6.10 250.00 16.20 Nil 08.04.2014
Mr. T.C. Goyal 265.20 30.34 225.00 38.88 4,05,700 28.02.2013
Ms. Pia Singh 84.00 62.80 100.00 22.68 Nil 17.02.2013
Mr. K. Swarup** 30.90 271.54# Nil 3.71 Nil 31.12.2009
* Each vested option is exercisable into one equity share against payment of Rs.2 per share. The options granted are exercisable upon the expiry of three
years from the date of vesting. 10%, 30% and 60% of the options shall be vested at the end of 2, 4 and 6 years, respectively from the date of grant.
** Entitled to benefits equivalent to value of 76,200 equity shares to be paid in equal tranches on 30.06.2009 & 30.06.2011 or date of superannuation,
whichever is earlier.
# Include Rs.100 lacs variable incentive pertaining to financial year 2008-09.

(b) Non-Executive Directors (Rs. in lacs)

Name Sitting Fees Commission Total
Mr. G.S. Talwar 1.40 20.00 21.40
Dr. D.V. Kapur 6.40 20.00 26.40
Mr. M.M. Sabharwal 6.20 20.00 26.20
Mr. K.N. Memani 5.20 20.00 25.20
Mr. Ravinder Narain 3.60 20.00 23.60
Mr. B. Bhushan 4.20 20.00 24.20
Brig. (Retd.) N.P. Singh 3.00 20.00 23.00

(c) Stock Options

The details of the Stock Options are attached to the Directors’ Report.

(d) Equity Shares held by Directors as on 31st July, 2009

Except as stated below, none of the Directors hold Equity Shares in the Company
Name of Director No. of Shares
Dr. K.P. Singh 1,04,61,000
Mr. Rajiv Singh 1,64,56, 320
Mr. T.C. Goyal 2,70,000
Ms. Pia Singh 3,87,76,000
Mr. K. Swarup 9,150
Mr. G.S. Talwar 1,00,000
Dr. D.V. Kapur 10,000
Mr. K.N. Memani 14,000
Mr. M.M. Sabharwal 5,500
Mr. Ravinder Narain 10,000

(vii) Other Functional Committees
Apart from the above, the Board also from time
to time, constitute Functional Committees with
specific terms of reference as it may deem
appropriate. Meetings of such Committees are held
as and when required for discussing the matter
concerning the purpose arising. Time schedule
for holding the meetings of such functional
Committees are finalized in consultation with the

52
Committee members. Minutes of the meetings of all
such Committees are approved by the respective
Chairman and are placed before the Board for
noting and confirmation.
(viii) Code of Conduct
The Code of Conduct (the Code) as recommended
by the Corporate Governance Committee and
adopted by the Board is a comprehensive Code
to ensure good governance and to provide for
ethical standards of conduct on matters including
conflict of interest, acceptance of positions of
responsibility, treatment of business opportunities
and the like. The Code is applicable to all the
Directors and Senior Management Personnel of
the Company including its subsidiaries. A copy
of the Code of Conduct has been hosted on the
Company’s website www.dlf.in.
An Annual affirmation has been obtained from all
members of the Board and Senior Management
Personnel as on 31st March, 2009. In terms of
Clause 49 of the Listing Agreement, a declaration
signed by the Managing Director is stated
hereunder:
I hereby confirm that:
All members of the Board and Senior Management
Personnel of the Company have affirmed
compliance with DLF’s Code of Conduct for the
financial year 2008-09.
Sd/-
New Delhi T. C. Goyal
30th July, 2009 Managing Director
(ix) Whistle Blower Mechanism
The Company seeks to maintain the highest ethical
and business standards in the course of its business
and has put in place mechanism of reporting illegal
or unethical behaviour. Directors, employees,
vendors or customers may report violations of the
laws, rules, regulations or unethical conduct in
writing to the notified person. The report received
from employees is reviewed by Audit Committee.
The Directors and management personnel are
obligated to maintain confidentiality of such
reporting and ensure that the Whistle Blowers are
not subjected to any discriminatory practices.
No person has been denied access to the Audit
Committee. A copy of the Whistle Blower Policy
is also hosted on the website of the Company,
www.dlf.in.
(x) Policy for Prevention of Insider Trading
In pursuance of the Securities and Exchange
Board of India (Prohibition of Insider Trading)
Regulations, 1992, the Board has approved “Policy
for Prevention of Insider Trading”. The Policy has
been amended during the year in line with the
amended Regulations of SEBI. The objective of
the Policy is to prevent trading of shares of the
Company by an Insider on the basis of unpublished
price sensitive information. Under the Policy,
Insiders are prohibited to deal in the Company’s
shares during the closure of trading window.
To deal in securities, permission of Compliance
Officer is required over a specified limit. All
Directors/designated employees are required to
disclose related information periodically as defined
in the Code, which in turn is being forwarded to the
Stock Exchanges. The Company Secretary has
been designated as the Compliance Officer. A
copy of the said Policy has also been hosted on
the website of the Company, www.dlf.in.
(xi) 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 such companies’ inter-alia, by
the following means:
a) Financial Statements, in particular, the
investments made by the unlisted subsidiary
companies, have been reviewed periodically
by the Audit Committee;
b) Minutes of the meetings of the unlisted
subsidiary companies are placed before the
Company’s Board, periodically;
53
c) Statements containing significant transactions (xii) Annual General Meetings
and arrangements entered into by the unlisted
subsidiary companies are periodically placed (a) Location, date and time of last three Annual
General Meetings (AGMs) and Special
before the Board of Directors; and
Resolutions passed thereat:
d) None of the unlisted company is material
subsidiary in terms of Clause 49 of the Listing
Agreement.
Year Location Date & Time Special Resolutions passed
2005-06 DLF Gymkhana Club, Phase-I, 29.09.2006 For amendments in the Articles of Association.
DLF City, Gurgaon – 122002 10.30 A.M.
2006-07 High School Site, Near Summer 29.09.2007 1. For ratification of Employees Stock Option Scheme –
Field Nursery School, 10.00 A.M. 2006 for the employees of the Company.
E-Block, Phase-I, DLF City, 2. For ratification of Employees Stock Option Scheme –
Gurgaon – 122 002 2006 for the employees of Company’s subsidiaries.
2007-08 High School Site, Near Summer 30.09.2008 1. For raising of funds by issue of securities.
Field Nursery School, 10.00 A.M. 2. For appointment of Mrs. Kavita Singh as an ‘Advisor’ to
E-Block, Phase-I, DLF City, DLF Commercial Developers Limited (DCDL), a wholly
Gurgaon – 122 002 owned subsidiary.
3. For appointment of Ms. Savitri Devi Singh as General
Manager in DCDL.
4. For appointment of Dr. K.P. Singh as Chairman of the
Company.

(b) Resolution passed through Postal Ballot Company Secretary in whole-time practice and
Ms. Manisha Gupta, Company Secretary in whole-
No Postal Ballot was conducted during the FY time practice, as Scrutinizer/alternate Scrutinizer
2008-09. to conduct the Postal Ballot process in a fair and
A Postal Ballot Notice dated 30th April, 2009 along transparent manner.
with accompanying documents, as detailed below,
The result of the Postal Ballot was announced
was dispatched to Shareholders under certificate
on 10th June, 2009 at the Registered Office and
of posting. A calendar of events along with Board
was also published in ‘The Financial Express’
Resolution was submitted to the Registrar of Com-
(English) and ‘Jansatta’ (Hindi) and hosted on the
panies, NCT of Delhi & Haryana, New Delhi.
web-site of the Company. Details of voting pattern
The Board appointed Mr. T.V. Narayanaswamy, were as under:
Description of Resolution No. of Valid votes Votes cast for the Votes cast against
polled Resolution the Resolution
(%age) (%age) (%age)
Ordinary Resolution for transfer of Company’s Wind Power 1058789685 1058687687 101998
Business (100%) (99.99037%) (0.00963%)
Special Resolution for confirmation of duties, functions and
1058758029 1058688169 69860
remuneration payable to Dr. K.P. Singh, Chairman and Mr.
(100%) (99.99340%) (0.00660%)
Rajiv Singh, Vice Chairman

Accordingly, the said Resolutions were approved

the related parties were in conflict with
by the Shareholders, with requisite and over-
the interest of the Company. Details
whelming majority of over 99.99%.
of transactions with related parties are
(xiii) Disclosures disclosed at Note No.11 of Schedule 25
a) Material Contracts/Related Party to the Accounts in the Annual Report.
Transactions All related party transactions are
None of the transactions with any of negotiated at arms’ length basis and are

54
 only intended to further the interest of
the Company.
The Board has received disclosures from
key management personnel relating
to material, financial and commercial
transactions where they and / or their
relatives have personal interest.
b) Compliances
During the past three years, no penalties
or strictures have been imposed on the
Company 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 filed within
stipulated time with Stock Exchanges/
other authorities.
(xiv) Means of Communication
The Company regularly intimates information
like quarterly financial results and media
releases on significant developments in
the Company and also presentations
that have been made from time to time to
the media, institutional investors, analysts
and are hosted on the Company’s website
www.dlf.in and have also been submitted
to the Stock Exchanges on which the
Company’s equity shares are listed, to
enable them to put them on their own
websites.
The financial results are normally published
in The Economic Times (English) and
Navbharat Times/Jansatta (Hindi) and other
national dailies including Economic Times
(Gujarati) and Gujarat Samachar.
Annual Report containing inter-alia,
Audited Accounts, Consolidated Financial
Statements, Directors’ Report, Auditors’
Report, Management Discussion & Analysis
Report and Corporate Governance Report
including information for the Shareholders
and other important information is circulated
to the members and others entitled thereto.
Reminders for claiming unpaid dividend
and payment of call money were sent to the
Shareholders as per record.
Exclusive Designated e-mail id
To enable investors to register their queries
and/or grievances, the Company has
dedicated an exclusive e-mail investor-
relations@dlf.in. All investors are
requested to avail this facility.
(xv) General Shareholders’ Information
a) Annual General Meeting
Date : Wednesday, 30th September, 2009
Time : 10.00 A.M.
Venue : Epicentre,
Apparel House, Sector 44,
Gurgaon - 122 003 (Haryana).
No special resolution is proposed to be
conducted by postal ballot.
b) Financial Calendar (tentative)
Financial Year 1st April, 2009 to
31st March, 2010
Adoption of Quarterly Results 3rd/4th week
for the quarter ending:
30th June, 2009 July, 2009
30th September, 2009 October, 2009
31st December, 2009 January, 2010
31st March, 2010 April, 2010*
*Instead of publishing quarterly financial results, the Company may also opt
to publish Audited Annual Accounts by June, 2010.
c) Book Closure Dates
From Thursday, the 24th September,
2009 to Wednesday, the 30th September,
2009 (both days inclusive) for payment
of dividend.
d) Dividend Payment Date
On or before 29th October, 2009.
e) Liquidity of Shares
The equity shares of the Company are
listed on the Bombay Stock Exchange
Limited (BSE), P.J. Tower, Dalal Street,
Mumbai-400 001 and National Stock
Exchange Limited (NSE), Exchange
55
 Plaza, Bandra Kurla Complex, Bandra
(E), Mumbai– 400 051. DLF’s shares
form part of BSE-30 Indices and S&P
CNX Nifty. The Company’s shares are
among the most liquid and actively
traded shares consistently rank among
top few frequently traded shares.
The Company has paid the listing
fees to BSE & NSE for 2009-10. The
Company has also paid annual custody
fee for 2009-10 to National Securities
Depository Limited (NSDL) & Central
Depository Services (India) Limited
(CDSL).
f) (i) ISIN Demat No.: INE271C01023
(Fully paid)
: IN9271C01013
(Partly paid)
(ii) Stock Code
Bombay Stock Exchange (BSE) : 532868
National Stock Exchange (NSE) : DLF
i) Registrar and Share Transfer Agent
(RTA)
M/s. Karvy Computershare Private
Limited, Plot No. 17 – 24, Vittalrao
Nagar, Madhapur, Hyderabad-500 081,

g) Stock Market Data*:

Month National Stock Exchange (NSE) Bombay Stock Exchange (BSE)
High (Rs.) Low (Rs.) Volume High (Rs.) Low (Rs.) Volume
April, 08 735.00 585.00 73824256 736.00 586.00 20999692
May, 08 739.00 582.25 78712628 739.00 584.00 25003404
June, 08 603.00 389.00 102878892 596.70 389.00 34345341
July, 08 519.50 350.00 133414489 518.00 350.30 45829330
August, 08 579.90 450.60 84275154 576.00 460.50 29789867
September, 08 546.05 325.00 127767664 545.90 329.00 40510328
October, 08 364.95 154.10 139748913 363.80 158.00 45276826
November, 08 309.80 180.00 176623115 309.75 180.00 64705312
December, 08 326.00 167.10 343069825 325.80 167.50 138394668
January, 09 311.50 144.00 270175270 310.00 145.00 104951896
February, 09 178.70 124.05 355515611 167.70 124.15 132882813
March, 09 187.00 134.00 246348111 186.90 136.00 83920805
* Source : NSE & BSE websites

h) Performance in comparison to BSE Sensex and NSE S&P CNX Nifty

Tel No.: 040-23420815-28, Fax No.:

040-23420814, e-mail: mailmanager@ the depository interface of the Company
karvy.com, Website: www.karvy.com is with both National Securities Depository
the Registrar and Share Transfer Agents Limited (NSDL) and Central Depository
(RTA) for Physical Shares. Karvy is also Services (India) Limited (CDSL).

56
 j) Share Transfer Mechanism Investors’ Grievances Committee for its
confirmation.
The share transfers received in physical
form are processed through Registrar Pursuant to Clause 47(c) of the Listing
and Share Transfer Agent, within seven Agreement with the Stock Exchanges,
days from the date of receipt, subject to Certificate on half – yearly basis
the documents being valid and complete confirming due compliance of share
in all respects. The share certificates transfer formalities by the Company,
duly endorsed are returned immediately certificates for timely dematerialization of
to the shareholders by RTA. The the shares as per SEBI (Depositories and
Board has delegated the authority for Participants) Regulations, 1996 and a
approving transfer, transmission etc. to Secretarial Audit Report for reconciliation
Senior Executive Director - Legal and/ of the share capital of the Company
or Company Secretary. The details of obtained from a practising Company
transfers/transmission so approved, Secretary have been submitted to stock
is placed before the Shareholders’/ exchanges within stipulated time.

k) Share Ownership Pattern as on 31.03.2009

Sl. No. CategoryCategory No. of Shares held %age
1. Promoters and Promoter Group 1,50,28,03,120 88.545*
2. Directors’ & their Relatives 5,75,854 0.034
3. Foreign Institutional Investors 10,59,18,403 6.241
4. NRIs & Foreign Nationals 20,71,144 0.122
5. Mutual Funds & UTI 16,12,630 0.095
6. Banks, FIs & Insurance Companies 43,30,067 0.255
7. Bodies Corporate 1,72,74,828 1.018
8. Public 6,26,28,067 3.690
TOTAL 1,69,72,14,113 100.00

*As on date, the promoters and promoter group holding is 1,33,48,03,120 Equity Shares (78.65%)

Shareholding Pattern

Promoters &. Promoter Group Directors & their Relatives.

88.545% 0.034%
Fils. 6.241%
NRIs & Foreign National.
0.122%
Public. 3.690%
Mutual Funds. 0.095%
Bodies Corporate. 1.018%
Banks & Fls. 0.250%

Promoters & Promoter Group Directors & their Relatives Fils

NRIs & Foreign National Public Mutual Funds
Bodies Corporate Banks & Fls

57
l) Distribution of Shareholding by Size, as on 31.03.2009
Sl. Category Physical Electronic Total
No. (Shares) Holders % Shares % Holders % Shares % Holders % Shares %
1 1-500 106 0.02 21479 0.00 591230 98.56 35856999 2.11 591336 98.58 35878478 2.11
2 501-1000 66 0.01 63980 0.00 4345 0.72 3283761 0.19 4411 0.73 3347741 0.20
3 1001-2000 139 0.02 260270 0.02 1656 0.28 2452242 0.15 1795 0.30 2712512 0.16
4 2001-3000 38 0.01 102970 0.01 430 0.07 1092417 0.06 468 0.08 1195387 0.07
5 3001-4000 30 0.00 117088 0.01 251 0.04 896036 0.05 281 0.04 1013124 0.06
6 4001-5000 11 0.00 52710 0.00 214 0.04 1005247 0.06 225 0.04 1057957 0.06
7 5001-10000 49 0.01 356067 0.02 412 0.07 3051283 0.18 461 0.08 3407350 0.20
8 10001-20000 41 0.01 632050 0.04 310 0.05 4451578 0.26 351 0.06 5083628 0.30
9 Above 20000 80 0.01 6537885 0.38 471 0.08 1636980051 96.46 551 0.09 1643517936 96.84
TOTAL 560 0.09 8144499 0.48 599319 99.91 1689069614 99.52 599879 100.00 1697214113 100.00

m) Geographical Distribution of Shareholders, as on 31.03.2009

DELHI 9.78%

BANGALORE 4.54% DELHI

OTHERS 50.22% BANGALORE
AHMEDABAD 4.78% AHMEDABAD
VADODARA
VADODARA 2.34%
MUMBAI
MUMBAI 12.13% PUNE
CHENNAI
PUNE 1.79%
KOLKATA
CHENNAI 4.10% HYDERABAD
KOLKATA 6.99% OTHERS

HYDERABAD 3.34%

n) Dematerialization of Shares Transfer of Unpaid/Unclaimed Dividend

Amount to Investor Education and Protection
The shares of the Company are in Fund (IEPF)
compulsory dematerialized segment and
are available for trading in depository system During the year under review, an amount of
of both National Securities Depository Rs.1,51,204 pertaining to unpaid/unclaimed
Limited and Central Depository Services dividend for the financial year 2000-01 has been
(India) Limited. transferred to IEPF on 7th November, 2008.
As on 31st March, 2009, 1,68,90,69,614
As per provisions of the Section 205A read with
Equity Shares (constituting 99.52%) were
Section 205C of the Companies Act, 1956, the
in dematerialized form.
Company is required to transfer unpaid dividends
remaining unclaimed and unpaid for a period
o) Corporate Benefits
of 7 years from the due date(s) to the Investor
Dividend History
(Rs. in million)
Education and Protection Fund (IEPF) set up by
Year Rate(%) Amount
the Central Government.
2004-05 40 14.00
All Shareholders, whose dividend is unpaid/
2005-06 40 14.00
2006-07 100 3410.00
unclaimed, are requested to lodge their claim
2007-08 200 6820.00 to RTA/Company by submitting an application
2008-09 100 3394.40 supported by an indemnity immediately. Kindly
(proposed) note that no claim will lie against the Company

58
or the IEPF once the dividend amount is other queries relating to the shares
deposited in IEPF. For shares held in physical form -
Members who have not encashed their dividend Karvy Computershare Private Limited
warrants within their validity period may write Unit: DLF Limited
to the Company at its Registered Office or Plot No.17 - 24, Vittalrao Nagar
M/s. Karvy Computershare Private Limited, Madhapur, Hyderabad - 500 081.
Registrar & Transfer Agent of the Company, for Ph.: 040-23420815 - 28
revalidating the warrants or for obtaining duplicate Fax No.: 040-23420814
warrants/payments in lieu of such warrants in the e-mail: mailmanager@karvy.com;
form of the demand draft. Website: www.karvy.com
Given below are the dates when the unclaimed For shares held in demat form -
dividend is due for transfer to IEPF by the Company: To the investors’ depository participant(s)
Financial Year Date of Due Date of Transfer
and/or Karvy Computershare Private
Declaration to IEPF* Limited
2001-02 29.11.2002 28.12.2009 (ii) Any query on Annual Report
2002-03 28.11.2003 26.12.2010
2003-04 29.09.2004 27.10.2011
The Company Secretary
2004-05 29.09.2005 28.10.2012 DLF Limited
2005-06 29.09.2006 28.10.2013 1-E, Jhandewalan Extension
2006-07 29.09.2007 28.10.2014 Naaz Cinema Complex
2007-08
New Delhi– 110 055.
Interim - 30.10.2007 05.12.2014
Final - 30.09.2008 05.11.2015 (xvi) Risk Management
Indicative dates, actual dates may vary. As a part of the overall risk management
strategy, the Company consistently insures
p) Outstanding GDRs/ADRs/Warrants or
its assets and operations against a wide
any Convertible instruments
range of risks. The Company continues
As of 31st March, 2009, there were no
to follow a suitable strategy to review and
outstanding ADRs /GDRs / Warrants
modify its risk profile by eliminating and
or other convertible instruments except
significantly reducing key business risks.
Stock Options issued to employees under The Company has appointed a specialised
the Employees Stock Option Scheme, agency to provide expert advice for further
2006 at detailed in Note 15 of Schedule improvement. The framework for risk
25 of Standalone Financial Statements. assessment and minimization thereto has
q) Plant Locations been evaluated and for further improvement,
The Company does not have any services of domain experts have been
manufacturing or processing plants. engaged.
The Registered Office of the Company (xvii) Utilization of IPO Proceeds
is situated at DLF Shopping Mall, The certificate dated 25.7.2009 on the
3rd Floor, Arjun Marg, DLF City, Phase-I, utilization of IPO proceeds, issued by
Gurgaon- 122 002, Haryana. IDBI Ltd., the Monitoring Agency, were
The Corporate Office of the Company placed before the Audit Committee and the
is located at DLF Centre, Sansad Marg, Board and were also filed with the Stock
New Delhi- 110 001. Exchanges.
r) Address for Correspondence (xviii) Compliance Certificate from the
(i) Investor Correspondence Auditors
For transfer/dematerialization of shares, Certificate from the Auditors of the Company,
payment of dividend on shares and any M/s. Walker, Chandiok & Co, Chartered

59
 Accountants, confirming 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. The said
certificate has been forwarded to Stock
Exchanges.
(xix) Adoption of Mandatory and Non-
Mandatory Requirements
The Company has complied with all the
mandatory requirements and has adopted
the following non-mandatory requirements
of Clause 49:
(a) Remuneration Committee: The
Company has set-up a Remuneration
Committee to recommend, review
remuneration of managerial personnel
including their relatives. The composition
of the Committee and the details of
meetings held and attendance of
members thereat are given elsewhere in
this Report.
The Chairman and all the members of the
Remuneration Committee were present
at the last Annual General Meeting held
on 30th September, 2008 to answer the
Shareholders’ queries.
(b) The financial statements of the Company,
on stand-alone basis, are unqualified.
(c) Whistle Blower Policy: The Company
has adopted a Whistle Blower Policy to
provide a mechanism for its Employees,
Directors, Vendors or Customers to
disclose any unethical and/or improper
practice(s) taking place in the Company
for appropriate action and reporting.
This policy provides the necessary
safeguards to all the whistle blowers
for making disclosures in good faith.
The disclosure can be made in writing
to the Head of Legal Department or to
the Chairman of the Audit Committee
or Chairman of the Company. The
Chairman of the Audit Committee is duly
authorized to investigate/oversee any
disclosures reported under this policy.
60
(d) Presentations before Board/
Committees: Various presentations
by Company’s executives and expert
agencies were made before the Audit
Committee, Corporate Governance
Committee, Compliance Committee
and the Board in order to apprise the
Directors about the business model of
the Company, risk profile of its business,
assessment of their responsibilities
and suggesting ways to effectively
discharge them.
(xx) Certificate from CEO and GCFO
The Managing Director and Group Chief
Financial Officer of the Company certifies
the financial reporting and internal controls
to the Board in terms of Clause 49.
(xxi) Capital Integrity Audit
The Audit Report, confirming 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 a
quarterly basis. A copy of the Audit Report
is submitted to the Stock Exchanges where
the securities of the Company are listed.
(xxii) Fees to Statutory Auditors
The fee paid to the Statutory Auditors for
the year was Rs. 107.41 lacs (previous year
Rs. 219.71 lacs) including certification fee
paid for finance and tax matters.
(xxiii) Other Information
Website
The website of the Company www.dlf.in
contains a sub-menu on Investor Relations.
It carries comprehensive database of
information of interest to our investors
including the results of the Company, any
price sensitive information disclosed to the
regulatory authorities from time to time,
business activities of the Company and the
services rendered/facilities extended by the
Company to investors.
 Auditors’ Certificate on compliance with the conditions of Corporate
Governance under clause 49 of the Listing Agreement

To the Members of
DLF Limited

We have examined the compliance of conditions of Corporate Governance by DLF Limited (“the Company”)
for the year ended on March 31, 2009, 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 financial 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 efficiency or effectiveness with which the management has conducted the affairs of the Company.

for Walker, Chandiok & Co

Chartered Accountants

by David Jones
New Delhi Partner
July 30, 2009 Membership No. 98113

61
62
Auditors’ Report
To
The Members of DLF Limited
1. We have audited the attached Balance Sheet of
DLF Limited, (the ‘Company’) as at March 31,
2009, and also the Profit & Loss Account and
the Cash Flow Statement for the year ended
on that date annexed thereto (collectively
referred as the ‘Financial Statements’). These
Financial Statements are the responsibility of
the Company’s management. Our responsibility
is to express an opinion on these Financial
Statements based on our audit.
2. We conducted our audit in accordance with the
auditing standards generally accepted in India.
Those Standards require that we plan and
perform the audit to obtain reasonable assurance
about whether the financial statements are free
of material misstatement. An audit includes
examining, on a test basis, evidence supporting
the amounts and disclosures in the financial
statements. An audit also includes assessing
the accounting principles used and significant
estimates made by management, as well
as evaluating the overall financial statement
presentation. We believe that our audit provides
a reasonable basis for our opinion.
3. As required by the Companies (Auditor’s
Report) Order, 2003 (the ‘Order’) (as amended),
issued by the Central Government of India in
terms of sub-section (4A) of Section 227 of the
Companies Act, 1956 (the ‘Act’), we enclose
in the Annexure a statement on the matters
specified in paragraphs 4 and 5 of the Order.
4. Further to our comments in the Annexure
referred to above, we report that:
a. We have obtained all the information and
explanations, which to the best of our
knowledge and belief were necessary for
the purposes of our audit;
b. In our opinion, proper books of account
as required by law have been kept by
the Company so far as appears from our
examination of those books;
c. The Financial Statements dealt with by this
report are in agreement with the books of
account;
d. On the basis of written representations
received from the Directors, as on March
31, 2009 and taken on record by the Board
of Directors, we report that none of the
Directors is disqualified as on March 31,
2009 from being appointed as a Director
in terms of clause (g) of sub-section (1) of
Section 274 of the Act;
e. In our opinion and to the best of our information
and according to the explanations given to
us, the Financial Statements dealt with by this
report comply with the accounting standards
referred to in sub-section (3C) of Section
211 of the Act and the Rules framed there
under and give the information required by
the Act, in the manner so required and give
a true and fair view in conformity with the
accounting principles generally accepted in
India, in the case of:
i) the Balance Sheet, of the state of affairs
of the Company as at March 31, 2009;
ii) the Profit & Loss Account, of the profit for
the year ended on that date; and
iii) the Cash Flow Statement, of the cash
flows for the year ended on that date.
for Walker, Chandiok & Co
Chartered Accountants
by David Jones
Partner
Membership No. 98113
New Delhi
July 30, 2009
63
 Annexure to the Auditors’ Report of even date to the members of DLF Limited,
on the financial statements for the year ended March 31, 2009
Based on the audit procedures performed for the
purpose of reporting a true and fair view on the Financial
Statements of the Company and taking into consideration
the information and explanations given to us and the
books of account and other records examined by us in
the normal course of audit, we report that:
(i) (a) The Company has maintained proper records
showing full particulars, including quantitative
details and situation of fixed assets.
(b) A major portion of the fixed assets has been
physically verified by the management during the
year. In our opinion, the frequency of verification
of the fixed assets is reasonable having regards
to the size of the Company and nature of its
assets. No material discrepancies were noticed
on such verification.
(c) In our opinion, a substantial part of fixed assets
has not been disposed off during the year.
(ii) (a) The inventory includes land, completed
buildings, construction work-in-progress,
construction and development material
and development rights in identified land.
Physical verification of inventory (except
stocks represented by development rights,
confirmations for which have been obtained)
have been conducted at reasonable intervals
by the management.
(b) The procedures of physical verification of inventory
followed by the management are reasonable and
adequate in relation to the size of the Company
and the nature of its business.
(c) The Company is maintaining proper records of
inventory and no material discrepancies were
noticed on physical verification.
(iii) (a) There are eleven subsidiary companies of DLF
Limited covered in the register maintained under
Section 301 of the Act to which the Company
has granted secured/ unsecured loans. The
maximum amount outstanding during the year
was Rs. 907,899.43 lacs and the year-end
balance was Rs 686,682.30 lacs.
(b) In our opinion, the rate of interest and other terms
and conditions of such loans are not, prima facie,
prejudicial to the interest of the Company.
(c) In respect of loans granted, repayment of the
principal amounts is as stipulated and payment
of interest has been regular.
(d) There is no amount overdue in respect of loans
granted to companies, firms or other parties listed
in the register maintained under Section 301 of
the Act.
(e) The Company has taken business advance and
loans from two entities covered in the register
64
maintained under Section 301 of the Act. The
maximum amount outstanding during the year
was Rs 86,490.05 lacs and the year-end balance
was Rs 3,036.99 lacs.
(f) In our opinion, the rate of interest and other terms
and conditions for such loans are not, prima facie,
prejudicial to the interest of the Company.
(g) In respect of loans taken, the principal amount
and interest amount are payable on demand
in accordance with the terms and conditions,
and payment of interest has been regular in
accordance with such terms and conditions.
(iv) In our opinion, there is an adequate internal
control system commensurate with the size of
the Company and the nature of its business for
the purchase of inventory and fixed assets and
for the sale of goods and services.
(v) (a) In our opinion, the particulars of all contracts or
arrangements that need to be entered into the
register maintained under Section 301 of the Act
have been so entered.
(b) In our opinion, the transactions made in pursuance
of such contracts or arrangements and exceeding
the value of rupees five lacs in respect of any
party during the year have been made at prices
which are reasonable having regard to prevailing
market prices at the relevant time.
(vi) The Company has issued 14% redeemable non-
convertible debentures amounting to Rs 10,000
lacs to a banking company during the year which
is exempt under Section 58A of the Act and the
Companies (Acceptance of Deposits) Rules,
1975. Accordingly, the provisions of clause 4(vi)
of the Order are not applicable.
(vii) In our opinion, the Company has an internal
audit system commensurate with its size and the
nature of its business.
(viii) We have broadly reviewed the books of account
maintained by the Company pursuant to the
Rules made by the Central Government under
Section 209(1)(d) of the Act for the maintenance
of cost records in respect of generation and sale
of electricity from the Company’s wind power
operations and are of the opinion that, prima facie,
the prescribed accounts and records have been
made and maintained. However, we have not
made a detailed examination of the records with
a view to determine whether they are accurate or
complete.
(ix) (a) Undisputed statutory dues including provident
fund, investor education and protection fund,
employees’ state insurance, income-tax, sales-
tax, wealth-tax, service-tax, custom duty, excise
duty, cess and other material statutory dues,
 as applicable, have generally been regularly
deposited with the appropriate authorities, though
there has been a slight delay in a few cases. No
undisputed amounts payable in respect thereof
were outstanding at the year end for a period of
more than six months from the date they became
payable.
(b) There are no amounts in respect of sales tax,
income tax, customs duty, wealth tax, service
tax, excise duty and cess that have not been
deposited with the appropriate authorities on
account of any dispute except for the amounts
mentioned below.

Name of the statute Nature of dues Amount Period to which the Forum where dispute is
(Rs. in lacs) amount relates pending
Income-tax Act, 1961 Demand under Section 53.89 Assessment year 1997-98 Income tax Appellate Tribunal
143(3) (‘ITAT’)
Income-tax Act, 1961 Demand under Section 93.22 Assessment year 1999-2000 ITAT
143(3)
Income-tax Act, 1961 Demand under Section 115.19 Assessment year 2000-01 ITAT
143(3)
Income-tax Act, 1961 Demand under Section 312.69 Assessment year 2002-03 Commissioner of Income Tax
143(3)/250/263 (‘CIT’) (Appeals)
Income-tax Act, 1961 Demand under Section 243.59 Assessment year 2005-06 CIT (Appeals)
143(3)
The Finance Act, 2004 and Denial of Service-tax 1,592.08 2007-08 Commissioner Service-tax
Service-tax rules input credit
The Finance Act, 2004 and Demand of Service-tax 34.90 2003-04 till 2005-06 Directorate General of
Service-tax rules on import of service Central Excise Intelligence

(x) In our opinion, the Company has no accumulated
losses at the end of the financial year and it has
not incurred cash losses in the current and the
immediately preceding financial year.
(xi) In our opinion, the Company has not defaulted in
repayment of dues to a financial institution or a
bank or debenture holders during the year.
(xii) The Company has not granted any loans and
advances on the basis of security by way of
pledge of shares, debentures and other securities.
Accordingly, the provisions of clause 4(xii) of the
Order are not applicable.
(xiii) In our opinion, the Company is not a chit fund or
a nidhi/ mutual benefit fund/ society. Accordingly,
the provisions of clause 4(xiii) of the Order are
not applicable.
(xiv) In our opinion, the Company is not dealing in
or trading in shares, securities, debentures and
other investments. Accordingly, the provisions of
clause 4(xiv) of the Order are not applicable.
(xv) In our opinion, the terms and conditions on which
the Company has given guarantee for loans taken
by others from banks or financial institutions are
not, prima facie, prejudicial to the interest of the
Company.
(xvi) In our opinion, the Company has applied the term
loans for the purpose for which the loans were
obtained.
(xvii) In our opinion, no funds raised on short-term
basis have been used for long-term investment.
(xviii) The Company has not made any preferential
allotment of shares to parties or companies
covered in the register maintained under Section
301 of the Act. Accordingly, the provisions of
clause 4(xviii) of the Order are not applicable.
(xix) The Company has created security in respect of
debentures issued during the year.
(xx) The Company has not raised any money by public
issues during the year. The management of the
Company has disclosed the end use of monies
during the year, raised through a public issue in
the previous year (refer Note 34 of Schedule 25
to the financial statements) and the same has
been verified by us.
(xxi) No fraud on or by the Company has been
noticed or reported during the period covered
by our audit.
for Walker, Chandiok & Co
Chartered Accountants
by David Jones
Partner
Membership No. 98113
New Delhi
July 30, 2009

65
Balance Sheet as at March 31, 2009
(Rs. in lacs)
Schedule 2009 2008
SOURCES OF FUNDS
Shareholders’ funds
Share capital 1 33,943.74 34,095.95
Reserves and surplus 2 1,203,538.63 1,092,818.68
1,237,482.37 1,126,914.63
Loan funds
Secured loans 3 797,996.90 494,591.44
Unsecured loans 4 163,500.00 344,049.31
961,496.90 838,640.75
Deferred tax liability (net) 5 5,832.90 2,894.99
2,204,812.17 1,968,450.37
APPLICATION OF FUNDS
Fixed assets 6
Gross block 196,839.51 153,371.52
Less: Accumulated depreciation and amortization 15,287.03 5,934.32
Net block 181,552.48 147,437.20
Capital work-in-progress (including capital advances) 165,773.28 178,178.72
347,325.76 325,615.92
Investments 7 295,631.50 183,983.00
Current assets, loans and advances
Stocks 8 662,743.20 592,813.26
Sundry debtors 9 21,289.05 93,018.04
Cash and bank balances 10 76,120.04 99,482.37
Other current assets 11 66,329.61 53,965.91
Loans and advances 12 1,044,695.79 994,878.54
1,871,177.69 1,834,158.12
Less : Current liabilities and provisions
Current liabilities 13 163,458.38 249,790.28
Provisions 14 145,864.40 125,516.39
309,322.78 375,306.67
Net current assets 1,561,854.91 1,458,851.45
2,204,812.17 1,968,450.37
Significant accounting policies 24
Notes to the financial statements 25
The schedules referred to above form an integral part of the Financial Statements.

On behalf of the Board of Directors

Ramesh Sanka Subhash Setia T.C. Goyal Rajiv Singh
Senior Executive Director Company Secretary Managing Director Vice Chairman
(Finance) and Group Chief
Financial Officer
This is the Balance Sheet referred to in our report of even date

for Walker, Chandiok & Co

Chartered Accountants

by David Jones
New Delhi Partner
July 30, 2009 Membership No. 98113

66
Profit & Loss Account for the year ended March 31, 2009
(Rs. in lacs)

Schedule 2009 2008

INCOME
Sales and other income 15 383,904.46 605,845.95
EXPENDITURE
Cost of land, plots, constructed properties and development rights 16 77,834.17 214,734.36
Establishment expenses 17 10,758.36 14,447.28
Finance charges 18 80,985.79 44,764.71
Other expenses 19 21,831.70 17,538.92
Depreciation and amortisation 20 11,407.62 2,568.45
202,817.64 294,053.72
Profit before tax 181,086.82 311,792.23
Tax expense 21 26,100.42 54,352.18
Profit after tax 154,986.40 257,440.05
Earlier year items:
Tax - earlier years - 18.99
Prior period expenses (net) 22 209.37 -
Net profit 154,777.03 257,459.04
Balance as per last balance sheet 173,496.08 26,927.00
Balance available for appropriation 328,273.11 284,386.04
APPROPRIATION
Debenture redemption reserve 11,316.95 -
Utilised for bonus issue - 7.20
Transfer to general reserve 15,477.70 31,100.00
Dividend on equity shares
Interim - 34,096.65
Proposed 33,943.88 34,096.65
Tax on dividend
Interim - 5,794.73
Proposed 2,891.21 5,794.73
Excess provision of previous year written back (2,980.54) -
Balance carried to balance sheet 267,623.91 173,496.08
328,273.11 284,386.04
EARNINGS PER SHARE 23
Basic earnings per share (Rs.) 9.09 15.48
Diluted earnings per share (Rs.) 9.09 15.46

Significant accounting policies 24

Notes to the financial statements 25
The schedules referred to above form an integral part of the Financial Statements.

On behalf of the Board of Directors

Ramesh Sanka Subhash Setia T.C. Goyal Rajiv Singh
Senior Executive Director Company Secretary Managing Director Vice Chairman
(Finance) and Group Chief
Financial Officer
This is the Profit and Loss Account referred to in our report of even date

for Walker, Chandiok & Co

Chartered Accountants

by David Jones
New Delhi Partner
July 30, 2009 Membership No. 98113

67
Cash Flow Statement for the year ended March 31, 2009
(Rs. in lacs)

2009 2008
A. CASH FLOW FROM OPERATING ACTIVITIES
Net profit before tax but after prior period expenses 180,877.45 311,792.23
Adjustment for
Depreciation 11,407.62 2,568.45
Loss on sale of fixed assets, net 59.00 29.79
Loss/(profit) on sale of investments, net 0.58 (56.00)
Assets written off/ discarded 63.17 7.50
Amounts written off 59.77 0.34
Interest expense 80,985.79 42,560.74
Interest income (96,851.14) (42,083.65)
Loss/(profit) from partnership firms, net 530.65 (187.02)
Exchange loss 92.65 2.27
Dividend income (792.76) (8,533.10)
Amount forfeited on properties (129.43) (284.08)
Amortisation of deferred employee compensation 3,786.35 4,179.46
Unclaimed balances written back (533.58) (16.71)
Provision for discard of fixed assets - 49.00
Provision for doubtful debts/ advances 328.31 26.88
Provision for employee benefits 804.30 191.13
Operating profit before working capital changes 180,688.73 310,247.23
Adjustment for
Trade and other receivables * 84,332.10 (112,719.38)
Advance for land purchases 29,940.09 (95,360.13)
Stocks (64,450.28) (26,701.30)
Trade and other payables (16,429.29) 46,914.38
Earnest monies (paid)/ refunded to
subsidiaries/ partnership firms 36,979.29 (105,801.91)
Others (75.61) 119.07
Payables to subsidiary companies (9,608.16) (8,386.15)
Realisation under agreement to sell (74,632.01) (97,260.79)
Cash from/ (used) in operations 166,744.86 (88,948.98)
Direct taxes paid (net of refunds) (30,158.45) (61,044.08)
Net cash flow from/ (used in) operating activities 136,586.41 (149,993.06)
*Refer note no. 8 of Schedule 24-”Significant accounting policies”
B. CASH FLOW FROM INVESTING ACTIVITIES
Acquisition of fixed assets (including capital work-in-progress) (18,688.70) (225,805.74)
Purchase of investments
Subsidiary companies/ partnership firms (129,113.64) (109,085.15)
Others (741,996.92) (2,073.38)
Proceeds from disposal of :
Fixed assets 746.49 69.78
Investments:
In subsidiary companies/ partnership firms 34,981.39 243.00
Others 741,068.81 14,458.26
Interest received 94,924.58 41,919.88
Dividend received 792.76 8,533.10
Loans and advances to subsidiary companies/ partnership firms, net (97,831.70) (377,047.48)
Net cash used in investing activities (115,116.93) (648,787.73)

68
 (Rs. in lacs)
2009 2008
C. CASH FLOW FROM FINANCING ACTIVITIES
Proceeds from issue of debentures, net 132,000.00 1.03*
Proceeds from issue of share capital including securities premium 94.55 918,491.72
Buyback of shares (14,235.65) -
Share issue expenses - (27,436.87)
Proceeds from long term borrowings 463,662.00 195,299.14
Repayment of long term borrowings (413,970.00) (382,405.25)
(Repayment)/ proceeds from short term borrowings, net (58,926.37) 348,820.06
Interest paid (115,467.77) (78,397.42)
Dividend paid (34,096.65) (68,193.30)
Dividend tax paid (2,814.18) (11,589.46)
Net cash flow (used in)/ from financing activities (43,754.07) 894,589.65
Net (decrease)/ increase in cash and cash equivalents (22,284.59) 95,808.86
Cash and cash equivalents at the beginning 98,224.86 2,416.00
Cash and cash equivalents at the close 75,940.27 98,224.86
(22,284.59) 95,808.86
*Supplementary disclosure
Subsequently converted into equity shares of Rs. 2 each - 1.03
Notes
1. Cash and bank balance (as per Schedule 10 to the financial statements) 76,120.04 99,482.37
Less: Fixed deposit (pledged/ under lien/ earmarked) 73.37 1,179.16
Uncashed dividend 110.03 80.62
Exchange loss (3.63) (2.27)
75,940.27 98,224.86
2. Non cash transactions - Refer note no. 9 of Schedule 25-“Notes to the financial statements”

On behalf of the Board of Directors

Ramesh Sanka Subhash Setia T.C. Goyal Rajiv Singh
Senior Executive Director Company Secretary Managing Director Vice Chairman
(Finance) and Group Chief
Financial Officer
This is the Cash Flow Statement referred to in our report of even date

for Walker, Chandiok & Co

Chartered Accountants

by David Jones
New Delhi Partner
July 30, 2009 Membership No. 98113

69
Schedules forming part of the Financial Statements for the year ended March 31, 2009
(Rs. in lacs)
2009 2008
SCHEDULE : 1 SHARE CAPITAL
Authorised
2,497,500,000 Equity shares of Rs. 2 each (Previous year 2,497,500,000 equity shares) 49,950.00 49,950.00
50,000 Cumulative redeemable (Previous year 50,000 preference shares)
preference shares of Rs. 100 each 50.00 50.00
50,000.00 50,000.00
Issued and Subscribed
1,704,832,680 (Previous year 1,704,832,680 equity shares) Equity shares of Rs. 2 each 34,096.65 34,096.65

Paid-up
1,704,832,680 (Previous year 1,704,832,680 equity shares) Equity shares of Rs. 2 each 34,096.65 34,096.65
Less : Calls-in-arrears 0.44 0.70
Less : Buyback of shares (7,623,567 * equity shares of Rs. 2 each) 152.47 -
Net paid-up equity shares 1,697,209,113 (previous year 1,704,832,680) of Rs. 2 each 33,943.74 34,095.95
*includes 5,000 equity shares extinguished on April 07, 2009.
Refer note no. 1 of Schedule 25 “Notes to the financial statements”
(Rs. in lacs)
SCHEDULE : 2 RESERVES AND SURPLUS
Reserves
Capital reserve
As per last balance sheet 250.08 250.08

Capital redemption reserve

As per last balance sheet 24.35 24.35
Transfer from general reserve* 152.47 -
176.82 24.35
Securities premium account
As per last balance sheet 876,535.72 -
Add: Received/receivable towards public issue - 915,250.00
Less: Issue expenses adjusted - 38,714.28
876,535.72 876,535.72
Less: Calls-in-arrears unpaid 163.29* 257.58
*Net of Rs. 94.29 lacs received during the year 876,372.43 876,278.14

Debenture redemption reserve

Transfer from profit & loss account 11,316.95 -
11,316.95 -
General reserve
As per last balance sheet 38,590.57 7,490.57
Transfer from profit & loss account 15,477.70 31,100.00
Transfer to capital redemption reserve* (152.47) -
Buyback of equity shares (premium) (14,083.17) -
39,832.63 38,590.57

Employees’ stock options outstanding 23,795.94 27,722.17

Less: Deferred employees compensation 15,830.13 23,542.71
Employees’ stock options outstanding 7,965.81 4,179.46

Surplus
As per profit & loss account 267,623.91 173,496.08
1,203,538.63 1,092,818.68
* Refer note no. 2 of Schedule 25 “Notes to the financial statements”

70
 (Rs. in lacs)
2009 2008
SCHEDULE : 3 SECURED LOANS
From banks
Term loans 408,919.05 238,616.65
Overdraft facilities 76,577.32 30,063.03
Interest accrued and due - 12.56
485,496.37 268,692.24
From others
Term loans
IL&FS Trust Company Limited - 25,000.00
GE Capital Services India 4,613.63 5,699.20
Infrastructure Development Finance Company Limited 15,000.00 15,000.00
Axis Bank Limited - Trust Series 120,186.90 129,500.00
Axis Bank Limited - DAS Trust Series - 22,500.00
Housing Development Finance Corporation Limited 40,700.00 28,200.00
Secured, non-convertible, redeemable debentures
5,000 (previous year Nil) 13.70% Non-convertible redeemable debentures
face value Rs. 1,000,000 each, redeemable on August 18, 2013 50,000.00 -
7,200 (previous year Nil) 14.00% Non-convertible redeemable debentures
face value Rs. 1,000,000 each, redeemable on February 24, 2014 72,000.00 -
1,000 (previous year Nil) 14.00% Non-convertible redeemable debentures
face value Rs. 1,000,000 each, redeemable on January 03, 2010 10,000.00 -
312,500.53 225,899.20
797,996.90 494,591.44
Refer note no. 3 of Schedule 25 “Notes to the financial statements”
(Rs. in lacs)
SCHEDULE : 4 UNSECURED LOANS
Fixed deposits - 0.27
- 0.27
Short term loans and advances
From banks
Standard Chartered Bank 6,000.00 3,999.01
6,000.00 3,999.01
From others
Axis Bank Limited (“Trustees”) 50,000.00 140,000.00
Commercial paper* 77,500.00 200,000.00
ICICI Home Finance Company Limited 15,000.00 -
Indian Loan Receivable Trust 15,000.00 -
Other body corporates - 50.03
157,500.00 340,050.03
163,500.00 344,049.31
Refer note no. 4 of Schedule 25 “Notes to the financial statements”
*Maximum amount outstanding at any time during the year Rs. 205,000 lacs (previous year Rs. 200,000 lacs)
(Rs. in lacs)

SCHEDULE : 5 DEFERRED TAX LIABILITY (NET)

Deferred tax liability arising on account of :
Depreciation 5,848.61 3,330.89
Deduction claimed under Section 24(b) of the Income-tax Act, 1961. 668.27 -
6,516.88 3,330.89
Less :
Deferred tax asset arising on account of :
Provision for :
Diminution in value of investment 27.42 27.42
Discard of assets 3.74 16.66
Doubtful advances 125.92 9.43
Employee benefits 526.90 382.39
683.98 435.90
5,832.90 2,894.99

71
Schedules forming part of the Financial Statements (Contd.)
(Rs. in lacs)
SCHEDULE : 6 FIXED ASSETS
Gross block 2008 Additions Disposals/ 2009
adjustments
Intangible assets
Computer software 878.74 1,947.78 - 2,826.52
Tangible assets
Land
Lease hold 5,946.82 19,490.08 - 25,436.90
Free hold 28,522.61 7.33 79.16 28,450.78
Buildings 4,389.19 24,425.97 - 28,815.16
Air conditioners and coolers 193.71 15.27 24.72 184.26
Aircraft 12,084.64 - 188.84 11,895.80
Leased plant and machinery 1,965.61 - 1,965.61 -
Plant and machinery 96,350.56 297.55 400.36 96,247.75
Furniture and fixtures 878.14 31.04 69.77 839.41
Vehicles 2,161.50 51.92 70.49 2,142.93
Total - Current year 153,371.52 46,266.94 2,798.95 196,839.51
- Previous year 36,558.03 118,487.27 1,673.78 153,371.52

Depreciation/ amortisation

Intangible assets
Computer software 0.48 297.14 - 297.62

Tangible assets
Land - lease hold - 100.57 - 100.57
Buildings 361.47 224.92 - 586.39
Air conditioners and coolers 76.64 9.40 14.28 71.76
Aircraft 1,096.08 674.13 19.44 1,750.77
Leased plant and machinery 1,474.21 - 1,474.21 -
Plant and machinery 2,178.05 9,642.86 281.53 11,539.38
Furniture and fixtures 355.66 51.55 38.61 368.60
Vehicles 391.73 203.27 23.06 571.94
Total - Current year 5,934.32 11,203.84 1,851.13 15,287.03
- Previous year 3,700.94 2,492.06 258.68 5,934.32
Net block

Intangible assets
Computer software 878.26 2,528.90

Tangible assets
Land
Lease hold 5,946.82 25,336.33
Free hold 28,522.61 28,450.78
Buildings 4,027.72 28,228.77
Air conditioners and coolers 117.07 112.50
Aircraft 10,988.56 10,145.03
Leased plant and machinery 491.40 -
Plant and machinery 94,172.51 84,708.37
Furniture and fixtures 522.48 470.81
Vehicles 1,769.77 1,570.99
Total - Current year 147,437.20 181,552.48
- Previous year 32,857.09 147,437.20

72
 (Rs. in lacs)
2009 2008

SCHEDULE: 7 INVESTMENTS

Long term investments Class * Share Book value Share Book value
In shares (No.) (No.)
Trade investment (unquoted)
In subsidiary companies
DLF Akruti Info Parks (Pune) Limited Equity 1,339,993 134.00 1,339,993 134.00
DLF Cyber City Developers Limited@ Equity 75,025,000 2.50 25,000 2.50
DLF Commercial Developers Limited Equity 400,000 40.05 400,000 40.05
DLF Estate Developers Limited Equity 5,102 0.51 5,102 0.51
Preference 4,500 4.50 4,500 4.50
DLF Financial Services Limited Equity 240,000 24.00 240,000 24.00
DLF Golf Resorts Limited Equity 400,000 40.00 400,000 40.00
DLF Home Developers Limited Equity 17,489,190 3,271.51 17,489,190 3,271.51
DLF Housing and Construction Limited Equity 27,355 76.52 27,355 76.52
Preference 2,265 2.27 2,265 2.27
DLF Finvest Limited Equity 3,000,000 300.00 50,000 5.00
(Formerly DLF Infocity Developers (Noida) Limited)
DLF New Delhi Convention Centre Limited Equity 70,000 7.00 - -
DLF Phase IV Commercial Developers Limited Equity 400,000 40.06 400,000 40.06
Eastern India Powertech Limited Equity 69,320,037 6,932.00 69,320,037 6,932.00
(Formerly DLF Power Limited)
DLF Pramerica Life Insurance Company Limited Equity 101,420,000 10,142.00 50,000 5.00
DLF Retail Developers Limited@ Equity 44,000,000 2,319.09 44,000,000 2,319.09
DT Cinemas Limited (Formerly DLF Services Limited) Equity 7,803,570 508.01 7,803,570 508.01
DLF Projects Limited Equity 50,000 5.00 50,000 5.00
DLF SEZ Holdings Limited Equity - - 50,000 5.00
DLF SEZ Developers Limited Equity 50,000 5.00 50,000 5.00
DLF Haryana SEZ (Gurgaon) Limited Equity 45,000 4.50 45,000 4.50
DLF Haryana SEZ (Ambala) Limited Equity 45,000 4.50 45,000 4.50
DLF Hotel Holdings Limited Equity 1,176,600,000 117,660.00 1,016,150,000 101,615.00
DLF Brands Private Limited (Formerly DLF Retail
Equity 8,000,000 800.00 500,000 50.00
Brands Private Limited)
DLF Telecom Limited Equity 11,150,000 1,115.00 11,150,000 1,115.00
DLF City Centre Limited# Equity 100,000 10.00 - -
DLF Real Estate Builders Limited# Equity 100,000 10.00 - -
DLF Property Developers Limited# Equity 100,000 10.00 - -
DLF Residential Developers Limited# Equity 100,000 10.00 - -
DLF Residential Partners Limited# Equity 100,000 10.00 - -
DLF Residential Builders Limited# Equity 100,000 10.00 - -
DLF Info Park Developers (Chennai) Limited Equity 320,000,000 32,000.00 - -
Beverly Park Maintenance Services Limited Equity 9,000 0.91 9,000 0.91
Preference 4,100 4.10 4,100 4.10
Breeze Constructions Private Limited Equity 10,000 1.00 10,000 1.00
Dankuni World City Limited Equity 50,000 5.00 50,000 5.00
Caressa Builders & Constructions Private Limited Equity 60,000 6.00 60,000 6.00
Cyrilla Builders & Constructions Limited Equity 50,000 5.00 - -
(Formerly Cyrilla Builders & Constructions Private Limited)
Dalmia Promoters and Developers Private Limited Equity 100,000 10.00 100,000 10.00
Edward Keventer (Successors) Private Limited Equity 961,500 43,892.06 961,500 43,892.06
DLF Developers Limited Equity 50,000 5.00 50,000 5.00
Jai Luxmi Real Estate Private Limited Equity 22,500 2.25 22,500 2.25
Kairav Real Estate Private Limited Equity 50,000 5.00 50,000 5.00
Lawanda Builders and Developers Private Limited Equity 10,000 1.00 - -
NewGen Medworld Hospitals Limited Equity 50,000 5.00 50,000 5.00

73
Schedules forming part of the Financial Statements (Contd.)
(Rs. in lacs)
SCHEDULE: 7 INVESTMENTS (Contd.) 2009 2008

Class * Share Book value Share Book value

In shares (No.) (No.)
DLF Utilities Limited@ (Formerly DLF Utilities
Equity 14,908,050 1,451.05 14,908,050 1,451.05
Private Limited)
Paliwal Developers Limited Equity 10,000 1.00 10,000 1.00
Preference 4,000 4.00 4,000 4.00
Paliwal Real Estate Private Limited Equity 1,000,000 100.00 1,000,000 100.00
Valini Builders and Developers Private Limited Equity 6,500 0.65 - -
VSK Investment and Finance Limited Equity 6,520 0.65 6,520 0.65
Preference 4,348 4.35 4,348 4.35
221,002.04 161,706.39
In other companies
DLF SEZ Holdings Limited Equity 25,000 2.50 - -
DLF Limitless Developers Private Limited Equity 201,255,000 20,125.50 5,000 0.50
Alankrit Estates Limited Equity 3 -** 3 -**
Anuroop Builders and Developers Private Limited Equity 10,000 1.00 10,000 1.00
Digital Talkies Private Limited Preference 80,680 80.68 80,680 80.68
Delanco Real Estate Private Limited Equity 5,000,000 1,500.00 5,000,000 1,500.00
Garv Developers Private Limited Equity 10,000 1.00 10,000 1.00
Garv Promoters Private Limited Equity 10,000 1.00 10,000 1.00
Garv Realtors Private Limited Equity 10,000 1.00 10,000 1.00
Grism Builders and Developers Private Limited Equity 10,000 1.00 10,000 1.00
Kirtimaan Builders Limited Equity 2 -** 2 -**
Luvkush Builders Private Limited Equity 10,000 1.00 10,000 1.00
Joyous Housing Limited (Rs. 100 each) Equity 37,500 37.50 37,500 37.50
Nadish Real Estate Private Limited Equity 10,000 1.00 10,000 1.00
Northern India Theatres Private Limited Equity 90 0.09 90 0.09
Peace Buildcon Private Limited Equity 10,000 1.00 10,000 1.00
Realest Builders and Services Private Limited Equity 50,012 5.03 50,012 5.03
Skyrise Home Developers Private Limited Equity 10,000 1.00 10,000 1.00
Ujagar Estates Limited Equity 2 -** 2 -**
Vibodh Developers Private Limited Equity 10,000 1.00 10,000 1.00
Vinesh Home Developers Private Limited Equity 10,000 1.00 10,000 1.00
Vismay Builders and Developers Private Limited Equity 10,000 1.00 10,000 1.00
21,763.30 1,635.80
242,765.34 163,342.19
Less : Provision for diminution in value 80.68 80.68
242,684.66 163,261.51
Long term (Trade)
In Debentures (Unquoted) Debentures (No.) Book Value Debentures (No.) Book Value
Jawala Real Estate Private Limited 387,450 38,745.00 - -
38,745.00 -
In partnership firms
DLF Commercial Projects Corporation 365.00 365.00
DLF Office Developers 2,643.09 1,594.34
DLF South Point 2,366.00 2,592.87
DLF GK Residency 50.00 50.00
Kavicon Partners 112.44 104.09
Rational Builders and Developers 32.00 32.00
DLF Property Developers# - 2,178.86
DLF Residential Builders# - 186.82
DLF Residential Partners# - 200.00
Real Estate Builders# - 1,014.02
DLF Residential Developers# - 669.07
DLF City Centre# - 10.00
5,568.53 8,997.07

74
 (Rs. in lacs)
SCHEDULE: 7 INVESTMENTS (Contd.) 2009 2008

In Belaire receivables trust 8,633.31 8,633.31

Current investments
In mutual funds (Quoted)
Axis Bank Limited - UTI Liquid Plus ## - 2,001.98
Reliance liquid fund ### - 1,089.13
- 3,091.11
295,631.50 183,983.00
Current investments - purchased and sold during the year
Refer note no. 19 of Schedule 25 Notes to the financial statements
* Equity shares of Rs. 10 each, Preference shares of Rs. 100 each - fully paid, unless otherwise stated
** Rounded off to Rs. ‘Zero’
@ Including bonus shares
# Converted from partnership firm to Limited Company under Part IX of the Companies Act, 1956
## NAV as on March 31, 2009: Nil (previous year Rs. 2,001.98 lacs)
### NAV as on March 31, 2009: Nil (previous year Rs. 1,089.77 lacs) (Rs. in lacs)

2009 2008
SCHEDULE : 8 STOCKS
Land (including development rights), plots and development
cost thereon (including agreement to sell) 368.43 646.48
Constructed properties
Land and construction work-in-progress 179,652.81 100,989.52
Development/construction materials 57.85 1,191.41
Development rights: payments made under agreement to purchase land/
development rights/constructed properties
To subsidiary companies 7,795.83 7,782.99
To firms in which the Company and/or its subsidiary 461,909.10 468,921.20
companies are/is a partners
To others 303.59 227.98
470,008.52 476,932.17
Rented buildings (including land and related equipments)
Lease hold 3,054.27 3,054.27
Free hold 10,785.05 10,938.26
13,839.32 13,992.53
Less: Depreciation on rented buildings and related equipments 1,183.73 938.85
12,655.59 13,053.68
662,743.20 592,813.26

(Rs. in lacs)
SCHEDULE : 9 SUNDRY DEBTORS
(Considered good unless otherwise stated)
Debts over six months
Secured - 8.87
Unsecured
Subsidiary companies 2,383.54 -
Others [including Rs. 64.30 lacs (Previous year Rs. 14.41 lacs) doubtful)] 7,571.04 75,702.84
9,954.58 75,711.71
Less: Doubtful and provided for 64.30 14.41
9,890.28 75,697.30
Other debts
Unsecured
Subsidiary companies 1,300.72 4,700.54
Others 10,098.05 12,620.20
11,398.77 17,320.74
21,289.05 93,018.04

75
Schedules forming part of the Financial Statements (Contd.)
(Rs. in lacs)
2009 2008

SCHEDULE : 10 CASH AND BANK BALANCES

Cash in hand 6.50 4.20
Cheques in hand - 3.00
Bank balances :
With scheduled banks in :
Current accounts* 5,113.47 96,790.03
Fixed deposit accounts
Pledged/under lien/earmarked 73.37 1,179.16
Others 70,920.75 1,500.00
With HSBC Bank plc, London, UK, in current account,
a non - scheduled bank (maximum amount outstanding
during the year Rs. 40.16 lacs, previous year Rs. 82.81 lacs) 5.95 5.98
76,120.04 99,482.37
*Includes unutilised monies from public issue - Rs. 6.96 lacs (previous year Rs. 14.80 lacs)

(Rs. in lacs)
SCHEDULE : 11 OTHER CURRENT ASSETS
Unbilled receivables*
DLF Assets Private Limited 18,763.13 -
Others 44,983.60 53,309.59
63,746.73 53,309.59
Interest accrued
On investments in debentures 600.92 -
From customers 1,960.73 561.58
From others 21.23 94.74
66,329.61 53,965.91
* Refer policy no. 8 of Schedule 24 “Significant accounting policies”

(Rs. in lacs)
SCHEDULE : 12 LOANS AND ADVANCES
(Unsecured, considered good unless otherwise stated)
Advances recoverable in cash or in kind or for value to be received
Secured 484.65 359.69
Unsecured [including Rs. 306.17 lacs (Previous year Rs. 27.75 lac) doubtful] 116,207.96 189,422.59
116,692.61 189,782.28
Due from subsidiary companies
Secured 18,304.25 20,049.66
Others 776,281.17 679,234.06
794,585.42 699,283.72
Due from firms in which the Company and/or its subsidiary
companies are partners - current accounts 2,680.21 4,569.58
Due from Niharika Shopping Mall - a jointly controlled operation 500.00 414.50

Security deposits 481.71 1,478.16

Taxes paid 130,062.01 99,378.05
1,045,001.96 994,906.29
Less: Doubtful and provided for 306.17 27.75
1,044,695.79 994,878.54

76
 (Rs. in lacs)
2009 2008

SCHEDULE : 13 CURRENT LIABILITIES

Sundry creditors
Subsidiary companies 2,010.52 10,403.62
Others 27,256.65 46,682.33
29,267.17 57,085.95
Due to firms in which the Company and/or its subsidiary
companies is/are partners - current account 1,591.55 6,010.91
Realisation under agreements to sell
Subsidiary companies 53,615.29 190.40
Others 3,910.05 132,096.37
Uncashed dividend* 110.03 80.62
Other liabilities
Subsidiary companies 24,037.26 25,252.33
Others 31,563.99 26,039.49
Interest accrued but not due on loans 19,363.04 3,034.21
163,458.38 249,790.28

*Not due for credit to “Investor Education and Protection Fund”

(Rs. in lacs)
SCHEDULE : 14 PROVISIONS
Provision for tax 107,100.00 84,500.00
Proposed dividend 33,943.88 34,096.65
Tax on dividend * 2,891.21 5,794.73
Employee benefits 1,929.31 1,125.01
145,864.40 125,516.39
* Refer note no. 31(b) of Schedule 25 “Notes to the financial statements”

(Rs. in lacs)
SCHEDULE : 15 SALES AND OTHER INCOME
(a) Sales and other receipts
Sale of land and plots 4,205.39 73,240.90
Revenue from constructed properties 151,046.70 239,281.00
Revenue from development charges 101,235.83 149,794.30
Sale of development rights 8,297.38 85,733.92
Revenue from windmills power generation 11,209.62 958.77
Service receipts 908.68 402.73
Amount forfeited on properties 129.43 284.08
Rental income 5,756.93 3,588.67
282,789.96 553,284.37
(b) Income from investments
Current (other than trade)
Dividend from mutual funds 792.76 8,533.10
Profit/ (loss) on sale of mutual fund investments (net) - 56.00
Interest on deposit in trust - 63.82
Long - term (trade investments)
Interest (gross#) on debentures 776.43 -
Profit/(loss) from partnership firms
DLF City Centre (0.12) (1.53)
DLF Commercial Project Corporation (1,009.79) (314.97)
DLF Office Developers 379.98 326.67

77
Schedules forming part of the Financial Statements (Contd.)

SCHEDULE: 15 SALES AND OTHER INCOME (Contd.) (Rs. in lacs)

2009 2008
DLF Property Developers (0.05) (0.25)
DLF Residential Builders (0.05) (0.04)
DLF Residential Developers (0.05) (0.09)
DLF Residential Partners (0.05) (0.04)
DLF South Point 1.28 (19.38)
DLF Recreational Foundation - 34.28
Kavicon Partners 101.10 102.18
Rational Builders and Developers (2.87) 61.63
Real Estate Builders (0.06) (0.07)
DLF GK Residency 0.03 (1.37)
(530.65) 187.02
1,038.54 8,839.94
# Tax deducted at source on interest 175.51 -
(c) Other income
Interest (gross*) from :
Bank deposits 447.66 735.32
Customers 1,829.03 587.70
Loans and deposits 95,388.81 41,199.03
Others 238.24 85.48
97,903.74 42,607.53
Exchange loss (92.65) (2.27)
Profit on disposal of fixed assets 1.21 5.69
Unclaimed balances and excess provisions written back 533.58 16.71
Miscellaneous income 1,730.08 1,093.98
100,075.96 43,721.64
383,904.46 605,845.95
* Tax deducted at source on interest 21,740.73 9,490.43

(Rs. in lacs)
SCHEDULE : 16 COST OF LAND, PLOTS, CONSTRUCTED PROPERTIES AND DEVELOPMENT RIGHTS
Land and Plots (including development cost)
Opening stock 646.48 1,252.32
Purchases during the year 199.73 21.83
Less: Closing stock (368.43) (646.48)
477.78 627.67
Constructed properties
Cost of land, development and construction 46,464.99 91,431.85

Cost of development charges 23,954.45 37,878.77

Cost of development rights sold 6,936.95 84,796.07

77,834.17 214,734.36
(Rs. in lacs)
SCHEDULE : 17 ESTABLISHMENT EXPENSES
Salaries, wages and bonus 5,681.80 9,683.43
Contribution to provident and other funds 289.23 238.81
Employee benefits 901.89 249.12
Amortization of deferred employees compensation 3,786.35 4,179.46
Staff welfare 99.09 96.46
10,758.36 14,447.28

78
 (Rs. in lacs)
2009 2008
SCHEDULE : 18 FINANCE CHARGES
Interest
Fixed periods loans
Debentures 5,757.07 -
Other fixed term loans 94,208.48 60,443.85
99,965.55 60,443.85
Other loans 25,105.50 17,606.32
Guarantee, finance and bank charges 6,712.98 2,203.97
131,784.03 80,254.14
Less: Transferred to work-in-progress (40,159.73) (31,083.32)
Less: Transferred to capital work-in-progress (10,638.51) (4,406.11)
80,985.79 44,764.71
(Rs. in lacs)
SCHEDULE : 19 OTHER EXPENSES
Rent 217.58 243.42
Rates and taxes 566.32 502.75
Electricity, fuel and water 97.62 134.44
Repair and maintenance
Buildings 283.40 477.51
Constructed properties/ colonies 243.16 53.06
Computers 655.53 392.22
Others 124.86 132.41
Insurance 237.69 169.20
Commission and brokerage 1,509.13 1,063.47
Advertisement and publicity 3,941.55 3,094.01
TraveIling and conveyance 736.88 589.84
Vehicles running and maintenance 203.43 157.87
Aircraft running and maintenance 2,956.44 1,456.83
Operating and maintenance charges of windmill 78.68 -
Printing and stationery 257.72 266.92
Directors’ fee 30.00 20.80
Commission to non-executive directors 140.00 140.00
Sales promotion 477.59 412.33
Communication 330.06 329.76
Legal and professional 5,924.23 6,124.10
Donation and charity 295.53 671.73
Claim and compensation 898.93 173.63
Loss on disposal of fixed assets 60.21 35.49
Loss on sale of mutual fund investments 0.58 -
Assets written off/ discarded 63.17 7.50
Amounts written off 59.77 0.34
Provision for doubtful debts and advances 328.31 26.88
Miscellaneous 1,113.33 862.41
21,831.70 17,538.92
(Rs. in lacs)
SCHEDULE : 20 DEPRECIATION AND AMORTISATION *
On fixed assets 11,139.30 2,492.06
On current assets 268.32 76.39
11,407.62 2,568.45
* Net of capitalisation

79
Schedules forming part of the Financial Statements (Contd.)
(Rs. in lacs)
2009 2008

SCHEDULE : 21 TAX EXPENSE

Income-tax 22,600.00 53,000.00
Deferred-tax 2,937.91 869.98
Fringe benefit tax (net) 562.51 482.20
26,100.42 54,352.18

(Rs in lacs)

SCHEDULE : 22 PRIOR PERIOD EXPENSES (NET)

Prior period expenses
Repair and maintenance
Buildings 44.70 -
Constructed properties/ colonies 90.52 -
Computers 40.62 -
Legal and professional 22.17 -
Advertisement and publicity 30.60 -
Operating and maintenance charges of windmill 18.62 -
Insurance 6.77 -
254.00 -
Prior period incomes
Depreciation claimed, now written back (19.44) -
Miscellaneous income (25.19) -
(44.63) -
209.37 -

(Rs. in lacs)
SCHEDULE : 23 EARNINGS PER SHARE
Net profit attributable to equity shareholders
Profit after tax 154,986.40 257,440.05
Earlier year items
Income tax - 18.99
Prior period expenses (net) (209.37) -
154,777.03 257,459.04

Nominal value of equity share (Rs.) 2.00 2.00

Total number of equity shares outstanding at the beginning of the year 1,704,832,680 1,529,421,080
Total number of equity shares outstanding at the end of the year 1,697,209,113 1,704,832,680
Weighted average number of equity shares 1,703,074,486 1,662,676,836
Basic earnings per share (Rs.) (rounded off to two decimal places) 9.09 15.48

Nominal value of equity share (Rs.) 2.00 2.00

Weighted average number of equity shares used to compute diluted
earnings per share 1,703,615,271 1,665,679,771
Diluted earnings per share (Rs.) (rounded off to two decimal places) 9.09 15.46

80
 SCHEDULE : 24 SIGNIFICANT ACCOUNTING POLICIES
1. Basis of accounting
The Financial Statements are prepared under
historical cost convention, on accrual basis,
in accordance with the generally accepted
accounting principles of 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 (I) (a) of Section 642 and the
relevant provisions of the Companies Act,
1956 (the “Act”).
2. Use of estimates
The preparation of financial 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 financial 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.
3. Intangible assets and amortization
Software which are not integral part of the
hardware are classified as intangibles and is
stated at cost less accumulated amortisation.
Softwares are being amortised over the
estimated useful life of 5 years.
4. Fixed assets and depreciation/
amortization
a) Fixed assets (gross block) are stated
at historical cost less accumulated
depreciation. Cost comprises the purchase
price and any attributable cost of bringing
the asset to its working condition for its
intended use.
Building / specific identifiable portion of
Building, including related equipments
are capitalized when the construction is
substantially complete or upon receipt of
the occupancy certificate, whichever is
earlier.
Depreciation on assets (including
buildings and related equipments rented
out and included under current assets as
stocks) is provided on straight-line method
at the rates and in the manner prescribed
in schedule XIV to the Companies Act,
1956.
b) Capital work-in-progress represents
expenditure incurred in respect of capital
projects under development and are
carried at cost. Cost includes land, related
acquisition expenses, development
/ construction costs, borrowing costs
and other direct expenditure including
advances to contractors and others.
c) Leasehold land, under perpetual lease,
are not amortized. Leasehold lands,
other than on perpetual lease, are being
amortized over their respective lease
periods.
5. Investments
Current investments are stated at lower of
cost and fair value. Long-term investments
are stated at cost and provision for diminution
in their value, other than temporary, is made in
the accounts.
Profit/ loss on sale of investments is computed
with reference to the average cost of the
investment.
6. Stocks
Stocks are valued as under:
a) 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 realizable value. Cost
includes land (including development
rights) acquisition cost, borrowing cost,
estimated internal development costs and
external development charges.
81
Schedules forming part of the Financial Statements (Contd.)
b) 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
realizable value.
c) 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 realizable value.
d) 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 identified land and
constructed properties, the acquisition of
which is at an advanced stage.
e) Cost of construction/ development
material is valued at lower of cost and net
realizable value.
f) Rented buildings and related equipments
are valued at cost less accumulated
depreciation.
7. Revenue recognition
a) Revenue from constructed properties:
Revenue from constructed properties,
other than SEZ projects, is recognised
on the “percentage of completion
method”. Total sale consideration as per
the duly executed, agreements to sell
/ application forms containing salient
terms of agreement to sell, is recognised
as revenue based 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. Estimated project cost includes cost
82
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.
For SEZ projects, revenue from
development charges is recognised on
the percentage of completion method
in accordance with the terms of the Co-
developer Agreements / MOU, read with
addendum, if any. The total development
charges is recognised as Revenue on the
percentage of actual project cost incurred
thereon to total estimated project cost
subject to such actual cost incurred being
30% or more of the total estimated project
cost. The estimated project cost includes
estimated development and construction
cost of such project. Revenue from Lease
of land pertaining to such projects is
recognised in accordance with the terms
of the Co-developer Agreements on
accrual basis.
b) Sale of land and plots (including
development rights) is recognised in the
financial 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 a) above.
c) Revenue from wind mill power projects 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.
d) Income from interest is accounted for on
time proportion basis taking into account
 the amount outstanding and the applicable
rate of interest.
e) Dividend income is recognised when the
right to receive is established.
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.
g) 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.
8. Unbilled receivables
Unbilled receivables disclosed under Schedule
11 - “Other Current Assets” represents
revenue recognized based on Percentage of
completion method (as per para no. 7a and
7b above), over and above the amount due
as per the payment plans agreed with the
customers.
9. Cost of revenue
a) 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 profit and loss
account based on the percentage of
revenue recognised as per accounting
policy no. - 7 above, in consonance
with the concept of matching costs and
revenue. Final adjustment is made upon
completion of the specific 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 profit & loss account based on the
percentage of revenue recognised as
per accounting policy no. - 7 above, in
consonance with the concept of matching
costs and revenue. Final adjustment is
made upon completion of the specific
project.
b) Cost of land and plots includes land
(including development rights) acquisition
cost, estimated internal development costs
and external development charges, which
is charged to profit & loss account based
on the percentage of land/ plotted area in
respect of which revenue is recognised
as per accounting policy no.- 7 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 specific scheme.
10. 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 AS-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 profit &
loss account as incurred.
11. Taxation
Provision for tax for the year comprises
current income tax, deferred tax and fringe
benefit 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 quantified
using rates and laws enacted or substantively
enacted as at the end of the financial year.
Provision for Fringe Benefit Tax for the year
has been determined in accordance with the
provisions of Section 115WC of the Income
Tax Act, 1961.
83
Schedules forming part of the Financial Statements (Contd.)
12. Foreign currency transactions
Transactions in foreign currency and non-
monetary assets are accounted for at the
exchange rate prevailing on the date of the
transaction. All monetary items denominated
in foreign currency are converted at the year-
end exchange rate. Income and expenditure
of the liaison office at London, 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 profit & loss
account.
In terms of the clarification provided by the
Institute of Chartered Accountants of India for
Accounting Standard – Changes in Foreign
Exchange Rates (AS)-11, the exchange gain/
loss on transaction with regard to the Fixed
Assets has been capitalized along with Fixed
Assets. The other exchange gains related to
current assets has been charged to the profit
& loss account
13. Employees benefits
Expenses and liabilities in respect of employee
benefits are recorded in accordance with
Revised Accounting Standard 15 - Employee
Benefits (Revised 2005) issued by the
Institute of Chartered Accountants of India
(the “ICAI”).
(i) Provident fund
The Company makes contribution to
statutory provident fund in accordance
with the Employees Provident Fund and
Miscellaneous Provision Act, 1952. In
terms of the Guidance on implementing the
revised AS – 15, issued by the Accounting
Standard Board of the ICAI, the provident
fund set up by the Company is treated as
a defined benefit 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
recognized as an expense in the period
in which services are rendered by the
employee.
84
(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 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 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 profit & loss account 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 benefit 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.
(iv) Cash Settled Options
Accounting value of Cash Settled
Options granted to employees under the
“Employees 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 benefits over the vesting
period, in accordance with Guidance Note
No 18 “Share Based Payments”, issued
 by The Institute of Chartered Accountants
of India (“ICAI”).
(v) Other short term benefits
Expense in respect of other short-term
benefits 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 Super-
annuation Fund (funded by payments to
Life Insurance Corporation of India (LIC)
are charged to revenue on accrual basis.
14. Leases
Assets subject to operating leases are
included under fixed assets or current assets
as appropriate. Rent (Lease) income is
recognised in the profit & loss account on a
straight-line basis over the lease term. Costs,
including depreciation, are recognised as an
expense in the profit & loss account.
15. Employees 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 "Employees Stock Option Scheme"
of the Company, and is being amortised as
"Deferred employees 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”.
16. 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 profit & loss account. 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 profit & loss account.
17. 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 outflow 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 outflow
of resources or where the same cannot be
reliably estimated, is disclosed as contingent
liability in the Financial Statements.
18. Earnings per share
Basic earnings per share is calculated by
dividing the net profit or loss for the period
attributable to equity shareholders by the
weighted average number of equity shares
outstanding during the period. The weighted
average number 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 profit 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
85
Schedules forming part of the Financial Statements (Contd.)
shares. The period during which, number
of dilutive potential equity shares change
frequently, weighted average number of shares
SCHEDULE : 25 NOTES TO THE FINANCIAL STATEMENTS
1. Share capital
(a) • 5,877,850 equity shares of Rs. 2 each
(originally 1,175,570 shares of Rs. 10
each) fully paid up allotted pursuant
to a scheme of amalgamation of DLF
United Limited with the Company,
without payment being received in
cash.
• 1,338,603,595 equity shares of Rs. 2
each fully paid issued as bonus shares
by way of capitalisation of free reserves
and share premium account.
(b) During the year, the calls in arrears
reduced by Rs. 94.55 lacs, comprising
Share Capital of Rs. 0.26 lacs and Share
Premium of Rs. 94.29 lacs.
(c) During the year the Company issued Public
Announcement (PA) and Corrigendum
to PA dated September 30, 2008 and
October 15, 2008 respectively, for buy
back of its shares from the open market
at a price not exceeding Rs.600 per share
for an aggregate amount not exceeding
Rs.110,000 lacs. Under the buy back
programme, the Company has bought
back 7,623,567 equity shares till March
31, 2009. Out of the above, 7,618,567
equity shares were extinguished before
March 31, 2009 and remaining 5,000
shares were extinguished after March 31,
2009.
(d) Pursuant to the above transactions, in (b)
and (c) above, the paid up share capital
of the Company decreased by Rs. 152.21
lacs, during the year.
2. Reserves and Surplus
Pursuant to the above buyback programme,
Capital redemption reserve has been created
out of General reserve for Rs. 152.47 lacs
86
are computed based on a mean date in the
quarter, as impact is immaterial on Earnings
per Share.
being the nominal value of shares bought
back under the buyback programme in terms
of Section 77AA of the Companies Act, 1956.
3. Secured loans
a) Facilities with banks comprise, term loans
and overdraft facilities which are secured
by equitable mortgages of certain freehold
and leasehold lands/properties of the
Company/ subsidiary Companies / sellers
/ lessors, land under agreement to sell
and/ or against future receivables of the
Company/subsidiary companies.
b) Loan from others comprise of term loans
from financial institutions which are
secured by equitable mortgages of certain
lands/properties of some subsidiary
entities/associates/group companies and
the receivables and/ or against future
receivables of the Company/subsidiary
companies.
c) Loans in respects of aircraft, wind mill
projects and vehicles are secured by
hypothecation of the respective assets,
thus purchased.
d) i) 5000, 13.70% Non Convertible
Redeemable Debentures and 7200,
14% Non Convertible Redeemable
Debentures, issued to the Life
Insurance Corporation of India are
secured by Pari Passu charge over
certain lands / properties of the
Company / subsidiary companies.
ii) 1000, 14% Non Convertible
Redeemable Debentures, issued
to Standard Chartered Bank are
secured by a charge over the land of
the Company.
e) Loans due within one year Rs. 159,081.85
lacs (previous year Rs. 221,893.58 lacs).
4. Unsecured loans has been credited to ‘Investor Education
a) Fixed deposits include unclaimed deposits and Protection fund’.
amounting to Rs. Nil lacs (previous year b) Loans due within one year Rs. 133,500.00
Rs. 0.27 lacs) as the unclaimed deposits lacs (previous year Rs. 243,999.01 lacs)
5. Particulars regarding partnership firms in which the Company is a partner
Name of partnership firms Profit/loss Capital
sharing ratios (Rs. in lacs)
a) DLF Commercial Projects Corporation %
DLF Limited 76 365.00
DLF Housing and Construction Limited 24 4.00
100 369.00
b) DLF Office Developers
DLF Limited 85 2,643.09
Kirtimaan Builders Limited 5 167.28
Ujagar Estates Limited 5 194.28
Alankrit Estates Limited 5 93.65
100 3,098.30
c) DLF South Point
DLF Limited 10 2,366.00
DLF Commercial Developers Limited 80 15.21
DLF Housing and Construction Limited 5 0.95
DLF Utilities Limited (formerly DLF Utilities Private Limited) 5 0.95
100 2,383.11
d) DLF GK Residency
DLF Limited 10 50.00
DLF Home Developers Limited 5 50.00
Hiemo Builders and Developers Private Limited 40 450.00
Khem Buildcon Private Limited 45 450.00
100 1000.00
e) Kavicon Partners
DLF Limited 90 112.44
DLF Housing and Construction Limited 5 12.06
Nilayam Builders and Developers Limited 5 64.61
100 189.11
f) Rational Builders and Developers
DLF Limited 90 32.00
Kirtimaan Builders Limited 5 1.00
Alankrit Estates Limited 5 0.00
100 33.00
g) DLF Property Developers*
DLF Limited 20 10.00
DLF Home Developers Limited 70 35.00
Springhills Infratech Private Limited (formerly Mariana Buildwell Private Limited) 2 1.00
Mens Buildcon Private Limited 2 1.00
Mhaya Buildcon Private Limited 2 1.00
Nambi Buildwell Private Limited 2 1.00
Rati Infratech Private Limited 2 1.00
100 50.00
h) DLF Residential Builders*
DLF Limited 20 10.00
DLF Home Developers Limited 70 35.00
Springhills Infratech Private Limited (formerly Mariana Buildwell Private Limited) 2 1.00
Mens Buildcon Private Limited 2 1.00
Mhaya Buildcon Private Limited 2 1.00

87
Schedules forming part of the Financial Statements (Contd.)

(Rs. in lacs)
Name of partnership firms Profit/loss Capital
sharing ratios (Rs. in lacs)
Nambi Buildwell Private Limited 2 1.00
Rati Infratech Private Limited 2 1.00
100 50.00
i) DLF Residential Partners*
DLF Limited 20 10.00
DLF Home Developers Limited 70 35.00
Springhills Infratech Private Limited (formerly Mariana Buildwell Private Limited) 2 1.00
Mens Buildcon Private Limited 2 1.00
Mhaya Buildcon Private Limited 2 1.00
Nambi Buildwell Private Limited 2 1.00
Rati Infratech Private Limited 2 1.00
100 50.00
j) Real Estate Builders*
DLF Limited 20 10.00
DLF Home Developers Limited 70 35.00
Springhills Infratech Private Limited (formerly Mariana Buildwell Private Limited) 2 1.00
Mens Buildcon Private Limited 2 1.00
Mhaya Buildcon Private Limited 2 1.00
Nambi Buildwell Private Limited 2 1.00
Rati Infratech Private Limited 2 1.00
100 50.00
k) DLF Residential Developers*
DLF Limited 20 10.00
DLF Home Developers Limited 70 35.00
Springhills Infratech Private Limited (formerly Mariana Buildwell Private Limited) 2 1.00
Mens Buildcon Private Limited 2 1.00
Mhaya Buildcon Private Limited 2 1.00
Nambi Buildwell Private Limited 2 1.00
Rati Infratech Private Limited 2 1.00
100 50.00
l) DLF City Centre *
DLF Limited 20 10.00
DLF Retail Developers Limited 70 35.00
DLF Housing and Construction Limited 2 1.00
Aadarshini Real Estate Developers Private Limited 2 1.00
Gulika Home Developers Private Limited 2 1.00
Falguni Builders Private Limited 2 1.00
Ganika Builders Private Limited 2 1.00
100 50.00
* During the year converted from partnership firm to Limited Company under Part IX of the Companies Act, 1956. Profit / Loss
sharing ratio and capital mentioned are as on the date of conversion.

6. a) The profit/loss from sale of land /developed the Company has purchased 3.01 lacs
plots/constructed properties in DLF City, sq. mts. of plotted area during the year
Gurgaon (Complex) is accounted as per (previous year 5.15 lacs sq. mts.) from
revenue recognition policy 7 stated in the land owning companies consequent
Schedule 24 – “Significant accounting to registration of the sale deeds/ transfer
policies”. The Complex comprises of ownership in favour of the customers at
lands owned by the Company as also the average cost of land to the Company
those under agreements to purchase and/ or the land owning companies. The
entered into with subsidiary/ coordinating average estimated internal development
companies. In terms of such agreements, costs and external development charges,

88
 in respect of the plots sold have been parcel of land of saleable area consisting 30
written off in terms of accounting policy million sq. ft built up area under construction
9 stated in Schedule 24 – “Significant / to be constructed. Further, DHDL will
accounting policies”. Final adjustment, complete all the finishing work before
if any, is made on completion of the selling the same to its customers. In terms
applicable scheme/ project. of the accounting policy 7 in Schedule 24
b) The profit/ loss from sale of agricultural – “Significant accounting policies” to the
land comprising land owned by the financial statements on revenue recognition,
Company and its subsidiary/ coordinating revenue in respect of this agreements to sell
companies, covered under agreement to is being recognised based on “percentage
sell the land to the Company is accounted of completion” method.
for on execution of the sale agreements in
7. The Company has entered into business
favour of the customers. During the year
development agreements with DLF
the Company has purchased Nil acres of
Commercial Project Corporation and Rational
land (previous year 2.37 acres) from the
Builders and Developers (partnership firms).
land owning companies, consequent to
As per these agreements, the Company has
registration of the sale deeds/ transfer of
acquired sole irrevocable development rights
ownership in favour of the customers at
in identified lands which are acquired / to be
the average cost of land to the Company
acquired by these Partnership firms.
and/ or the land owning companies
In terms of accounting policy 6 in Schedule 24
c) In terms of the agreement with DLF
– “Significant accounting policies” the amount
Housing and Construction Limited and
paid to these partnership firms pursuant to
Mayur Recreational and Development
the above agreements, are classified as stock
Limited, since merged with the Nachiketa
of Development rights.
Real Estates Private Limited, the Company
has agreed to develop their lands 8. The following expenses have been directly
along with its own lands at Loni (Ankur charged to work-in-progress, adjustable on sale.
Vihar) into a colony. In terms of the said (Rs. in lacs)
agreement, the Company is entitled to Particulars 2009 2008
realise and retain the entire sale proceeds Salaries, wages and other - 19.51
and pay the cost of land, incidentals etc. benefits
plus a sum of Rs. 0.10 lacs per acre to the Legal, professional and 6,193.93 3,863.92
consultancy
aforesaid land owners on registration of
Repairs and maintenance of 0.80 171.33
the properties and revenue is recognised machinery
on proportionate realisation basis. Hire charges of machinery 5.88 9.87
Power and fuel 57.06 112.46
d) In respect of Dilshad Garden II Scheme, Insurance 57.58 90.45
the profit/loss on sale of developed plots is Finance charges 40,159.73 31,083.32
accounted by adjusting cost proportionate Others 1,433.94 4,280.40
to the realisations made. 47,908.92 39,631.26

e) The Company on November 3, 2006 has

9. Non cash transactions
entered into an agreement to sell in terms
of the resolution passed by the Board of During the year, the Company converted
Directors in their meeting held on March advance given Rs. 15,000 lacs for land
28, 2006, with one of its wholly owned purchase into a long term investment in DLF
subsidiary company namely, DLF Home Limitless Developers Private Limited, a joint
Developers Limited (“DHDL”) to sell a venture.

89
Schedules forming part of the Financial Statements (Contd.)

10. Employee benefits For determination of the liability in respect

A. Gratuity (non funded) of compensated absences, the Company has
used following actuarial assumptions
Amount recognised in the profit & loss account
is as under Description Particulars
Discount rate 8.00%
Description (Rs. in lacs)
Rate of increase in compensation levels 7.50%
Current service cost 82.02
Interest cost 52.87 C. Provident fund
Actuarial loss recognised during the year 154.42
Past service cost – Contribution made by the Company to
289.31 the provident fund trust setup by the
Company during the year is Rs. 199.07
Movement in the liability recognised in the
lacs (previous year Rs. 181.32 lacs).
balance sheet is as under
Description (Rs. in lacs)
As at the year end, no interest shortfall in
Present value of defined benefit obligation as at 660.81 provident fund remains unprovided for as
the start of the year there is surplus in the fund. In the absence
Current service cost 82.02 of guidance on actuarial valuation of
Interest cost 52.87
Fund liability, which is to be issued by the
Actuarial loss recognised during the year 154.42
Benefits paid (47.26) Actuarial Society of India, the actuarial
Past service cost – valuation liability towards Provident Fund
Present value of defined benefit obligation as at 902.86 is not feasible. Accordingly, other related
the end of the year disclosures in respect of provident fund
For determination of the gratuity liability of the have not been furnished.
Company, the following actuarial assumptions 11. Related party disclosures
were used
a) Relationship
Description Particulars
Discount rate 8.00%
(i) Subsidiaries companies at any time during the year
Rate of increase in compensation levels 7.50%
1 Aadarshini Real Estate Developers Private Limited
B. Compensated absences (non funded) 2 Abhiraj Real Estate Private Limited
3 Adelie Builders & Developers Private Limited
Amount recognised in the profit & loss account 4 Adriatic Properties d.o.o.
is as under 5 Adrienne Builders and Constructions Private Limited
Description (Rs. in lacs) 6 Aidway Investments Limited
Current service cost 94.58 7 Alastair Builders & Developers Private Limited
Interest cost 32.48 8 Alta Builders and Developers Private Limited
Actuarial loss recognised during the year 172.83 9 Alvernia Limited
Past service cost – 10 Amancruises (2006) Company Limited
299.89 11 Amancruises Company Limited
12 Amancruises Indonesia Limited
Movement in the liability recognised in the 13 Amankila Resorts Limited
balance sheet is as under 14 Amanproducts Limited
15 Amanresorts Asia Limited
Description (Rs. in lacs)
16 Amanresorts B.V.
Present value of defined benefit obligation as at 405.96
17 Amanresorts International Pte. Limited
the start of the year
18 Amanresorts IPR B.V.
Current service cost 94.58
19 Amanresorts Limited
Interest cost 32.48 20 Amanresorts Mangement B.V.
Actuarial loss recognised during the year 172.83 21 Amanresorts Services Limited
Benefits paid (58.53) 22 Amanresorts Technical Services B.V.
Past service cost – 23 Amanusa Limited
Present value of defined benefit obligation as at 647.32 24 Americus Real Estate Private Limited
the end of the year 25 Amishi Builders & Developers Private Limited

90
26 Amoda Builders and Developers Private Limited 82 DLF Commercial Developers Limited
27 Andaman Development Company Limited 83 DLF Conventions and Hotels Private Limited
28 Andaman Holdings Limited 84 DLF Cyber City Developer Limited
29 Andaman Resorts Co. Limited 85 DLF Deluxe Hotels Private Limited
30 Andaman Thai Holding Co. Limited 86 DLF Developers Limited
31 Anjuli Builders & Developers Private Limited 87 DLF Emporio Restaurants Limited
32 Annabel Builders & Developers Private Limited 88 DLF Estate Developers Limited
33 Aradal Company N.V. 89 DLF Estates (Delhi) Private Limited (formerly BES
34 Argent Holdings Limited Buildcon Private Limited )
35 ARL Marketing Inc. 90 DLF Exhibition Center Private Limited
36 ARL Marketing Limited 91 DLF Exotica Hotels Private Limited
37 ASL Management (Palau) Limited 92 DLF Financial Services Limited
38 Balina Pansea Company Limited 93 DLF Finvest Limited [formerly DLF Info City Developers
39 Barbados Holdings Limited (Noida) Limited]
40 Bedelia Builders & Construction Private Limited 94 DLF Food Courts Private Limited
41 Belmount Estate Developers Limited 95 DLF Garden City Indore Private Limited
42 Berenice Real Estate Private Limited 96 DLF Global Hospitality Limited
43 Beverly Park Maintenance Services Limited 97 DLF Golf Resorts Limited
44 Bhamini Real Estate Developers Private Limited 98 DLF Green Power Private Limited
45 Bhoruka Financial Services Limited 99 DLF Haryana SEZ (Ambala) Limited
46 Bhosphorous Investments Limited 100 DLF Haryana SEZ (Gurgaon) Limited
47 Bhutan Hotels Limited 101 DLF Hilton Hotels Limited
48 Bhutan Resorts Private Limited 102 DLF Hilton Hotels (Mysore) Private Limited
49 Bodrum Development Limited 103 DLF Home Developers Limited
50 Breeze Constructions Private Limited 104 DLF Homes Services Private Limited
51 Calantha Builders & Developers Private Limited 105 DLF Homes Ambala Private Limited (formerly Nabhoj
52 Callista Builders and Constructions Private Limited Builders & Developers Private Limited)
53 Caressa Builders & Constructions Private Limited 106 DLF Homes Durgapur Private Limited
54 Catriona Builders & Constructions Private Limited 107 DLF Homes Goa Private Limited (formerly Saravati
55 Cee Pee Maintenance Services Limited Builders & Constructions Private Limited)
56 Ceylon Holdings B.V. 108 DLF Homes Kokapet Private Limited (formerly Kanan
57 Chaitra Realty Limited Real Estates Private Limited )
58 Chakrita Real Estate Developers Private Limited 109 DLF Homes Panchkula Private Limited
59 Chandrajyoti Estate Developers Private Limited 110 DLF Homes Pune Private Limited
60 City Icon Limited 111 DLF Homes Rajapura Private Limited
61 Columbo Resort Holdings N.V. 112 DLF Hospitality and Recreational Limited
62 Comfort Buildcon Private Limited 113 DLF Hotel Holdings Limited
63 Current Finance Limited 114 DLF Hotel Venture Private Limited
64 Cyrilla Builders & Constructions Limited (formerly Cyrilla 115 DLF Hotels & Apartments Private Limited
Builders & Constructions Private Limited) 116 DLF Housing & Construction Limited
65 Dalmia Promoters and Developers Private Limited 117 DLF Info City Developers (Ahmedabad) Limited ***
66 Dankuni World City Limited 118 DLF Info City Developers (Bangalore) Limited
67 Delanco Home and Resorts Private Limited 119 DLF Info City Developers (Chennai) Limited
68 Delanco Realtors Private Limited 120 DLF Info City Developers (Delhi) Limited ***
69 Deltaland Buildcon Private Limited 121 DLF Info City Developers (Gandhinagar) Limited ***
70 Dhoomketu Builders & Developers Private Limited 122 DLF Info City Developers (Goa) Limited ***
71 Diwakar Estates Limited 123 DLF Info City Developers (Hyderabad) Limited
72 DLF Airport Hotels Private Limited 124 DLF Info City Developers (Mumbai) Limited ***
73 DLF Akruti Info Parks (Pune) Limited 125 DLF Info City Developers (Vadodra) Limited ***
74 DLF Aspinwal Hotels Private Limited 126 DLF Info Park Developers (Chennai) Limited
75 DLF Brands Private Limited (formerly DLF Retail 127 DLF Infra Holdings Limited
Brands Private Limited) 128 DLF Inns Limited
76 DLF Budget Venture Hotels Private Limited 129 DLF International Holdings Pte. Limited (formerly DLF
77 DLF Business Hotels Venture Private Limited Trust Holdings Pte. Limited)
78 DLF City Centre Limited 130 DLF International Hospitality Corp.
79 DLF Cochin Hotels Private Limited 131 DLF Jaipur Convention Center Private Limited
80 DLF Comfort Hotels Private Limited 132 DLF Jaipur Hotels Private Limited
81 DLF Commercial Complexes Limited 133 DLF Land Limited

91
Schedules forming part of the Financial Statements (Contd.)

134 DLF Leisure & Entertainment Private Limited 186 Galleria Property Management Services Private Limited
135 DLF Luxury Hotels Limited 187 Ganesar Ginning Co Private Limited
136 DLF Metro Limited 188 Ganika Builders Private Limited
137 DLF Minor Restaurants Private Limited 189 Gavin Builders and Developers Private Limited
138 DLF Mumbai Hotels Private Limited 190 Geocities Airport Infrastructures Private Limited
139 DLF New Delhi Convention Center Limited 191 G.G.R. Properties Private Limited
140 DLF New Gurgaon Homes Developers Private Limited 192 GMR Constructions Private Limited
141 DLF New Gurgaon Offices Developers Private Limited 193 Goyo Services Limited
142 DLF New Gurgaon Retail Developers Private Limited 194 Grandbay Estate Developers Limited
(formerly Lacey Builders & Construction Private Limited) 195 Guardian International Private Limited
143 DLF Phase IV Commercial Developers Limited 196 Gulika Home Developers Private Limited
144 DLF Pleasure Hotels Private Limited 197 Gulliver Enterprises Limited
145 DLF Pramerica Life Insurance Company Limited 198 Gyan Real Estate Developers Private Limited
146 DLF Premium Homes Private Limited (formerly Lennox 199 Harini Resorts and Properties Private Limited
Builders & Developers Private Limited) 200 Heritage Resorts Private Limited (Amanbagh)
147 DLF Projects Limited 201 Highvalue Builders Private Limited
148 DLF Property Developers Limited 202 Hospitality Tradings Limited
149 DLF Real Estate Builders Limited 203 Hotel Finance International Limited
150 DLF Real Estates Limited *** 204 Hotel Sales Service Limited
151 DLF Recreational Foundation Limited 205 Hotel Sales Service Private Limited
152 DLF Residential Builders Limited 206 Incan Valley Holdings Limited
153 DLF Residential Developers Limited 207 Irama Estates Private Limited
154 DLF Residential Partners Limited 208 Isabel Builders & Developers Private Limited
155 DLF Retail Developers Limited 209 Jackson Hole Holdings Limited
156 DLF Retail Services Limited 210 Jackson Street Heritage Limited
157 DLF Rohini Hotels Private Limited) 211 Jackson Street Holdings Limited
158 DLF Service Apartments Limited 212 Jai Luxmi Real Estate Private Limited
159 DLF Services Limited [formerly DLF Info City 213 Jalisco Holdings Pte. Limited
Developers (Gujrat) Limited] 214 Janya Estate Developers Private Limited
160 DLF SEZ Developers (Amritsar) Limited *** 215 Jawala Real Estate Private Limited
161 DLF SEZ Developers Limited 216 K G Infrastructure Private Limited
162 DLF SEZ Holdings Limited 217 Kairav Real Estate Private Limited
163 DLF Sikkim Hotels Private Limited 218 Kapo Retail Private Limited
164 DLF Southcourt Hotels Private Limited 219 L P Hospitality Company Limited
165 DLF Southern Homes Private Limited 220 Laman Real Estates Private Limited
166 DLF Southern Towns Private Limited 221 Lao Holdings Limited
167 DLF Telecom Limited 222 Lawanda Builders and Developers Private Limited
168 DLF Trust Management Pte. Limited 223 Le Savoy Limited
169 DLF Universal Limited (formerly known as Dominga 224 Leandra Builders and Developers Private Limited
Builders & Constructions Limited) 225 Life Style Homes Private Limited
170 DLF Utilities Limited (formerly DLF Utilities Private Limited) 226 Lodhi Property Company Limited
171 DT Cinemas Limited (formerly DLF Services Limited) 227 Marrakech Investments Limited
172 Eastern India Powertech Limited (formerly DLF Power Limited ) 228 Mens Buildcon Private Limited
173 Edward Keventer (Successors) Private Limited 229 Mhaya Buildcon Private Limited
174 Eila Builders & Developers Private Limited 230 Monroe Builders & Developers Private Limited
175 Enki Retail Private Limited (formerly Enki Buildwell 231 Mouna Constructions Private Limited
Private Limited) 232 Mouna Estates Private Limited
176 Eros Retail Private Limited (formerly Eros Buildtech 233 Mouna Properties Private Limited
Private Limited ) 234 Mulvey B.V .
177 Falguni Builders Private Limited 235 Mulvey Venice Sri
178 Fonton Limited 236 Naman Consultants Private Limited
179 Forerum Group Limited 237 Nambi Buildwell Private Limited
180 Forgiant Agents Limited 238 Necia Builders and Developers Private Limited
181 G.S.R.Properties Private Limited 239 Nelia Retail Private Limited (formerly Ferragamo Retail
182 GVR Properties Private Limited India Private Limited)
183 Gajjala Constructions Private Limited 240 Nellis Builders & Developers Private Limited
184 Gajjala Ram Reddy Properties Private Limited 241 NewGen MedWorld Hospitals Limited
185 Galaxy Mercantiles Limited 242 Nilayam Builders & Developers Limited

92
243 NOH (Hotel) Private Limited (Amangalla) 297 Universal Hospitality Limited
244 Nusantara Island Resorts Limited 298 Urvasi Infratech Private Limited
245 Overseas Hotels Private Limited 299 Valini Builders & Developers Private Limited
246 P.T. Amanresorts Indonesia (Amanusa) 300 Var Infratech Private Limited
247 P.T. Amanusa Resort Indonesia 301 Venezia Estate Developers Limited
248 P.T. Indrakila Villatama Development 302 Villajena Development Company Limited
249 P.T. Jawa Express Amanda Indah (Amanjiwo) 303 Vkarma Capital Investment Management Company Private Ltd.
250 P.T. Moyo Safari Abadi (Amanwana) 304 Vkarma Capital Trustee Company Private Limited
251 P.T. Nusantara Island Resorts (Amankila) 305 VSK Investments & Finance Limited
252 P.T. Tirta Villa Ayu 306 Zola Real Estate Private Limited
253 P.T. Villa Ayu (Amandari) 307 Zoria Infratech Private Limited
254 Palawan Holdings Limited 308 DLF City Centre Limited
255 Paliwal Developers Limited (ii) Partnership firms
256 Paliwal Real Estate Private Limited 1 DLF Commercial Projects Corporation
257 Parkridge Info City Developers Limited *** 2 DLF Office Developers
258 PAT Infrastructures Private Limited 3 DLF South Point
259 Pee Tee Property Management Services Limited 4 Kavicon Partners
260 Phraya Riverside (Bangkok) Co. Limited 5 Rational Builders and Developers
261 Princiere Resorts Limited (Amansara) 6 DLF Property Developers
262 Prompt Real Estate Private Limited 7 DLF Recreational Foundation
263 Puri Limited 8 DLF City Centre
264 Rati Infratech Private Limited 9 DLF Residential Builders
265 Red Acres Development Limited 10 DLF Residential Developers
266 Regency Park Property Management Services Private Limited 11 DLF Residential Partners
267 Regent Asset Finance Limited 12 Real Estate Builders
268 Regent Land Limited (iii) Joint Venture
269 Regional Design & Research B.V. 1 Niharika Shopping Mall
270 Regional Design & Research N.V. 2 Delanco Real Estate Private Limited
271 Richmond Park Property Management Services Limited 3 Kujjal Builders Private Limited
272 Riveria Commercial Developers Limited (formerly 4 DLF Laing O' Rourke (India) Limited
Riveria Info City Developers Limited) 5 DLF SEZ Holdings Limited
273 Rod Retail Private Limited 6 DLF Gayatri Home Developers Private Limited (formerly
274 Saket Courtyard Hospitality Private Limited (formerly Arsh Real Estates Private Limited)
DLF Saket Hotels Private Limited) 7 DLF SBPL Developers Private Limited
275 Samali Builders & Developers Private Limited 8 DLF Limitless Developers Private Limited
276 Sandesh Constructions Private Limited 9 Mount Mary Residential Project
277 Sandesh Estates Private Limited 10 GSG DRDL Consortium
278 Serendib Holdings B.V. 11 WSP Engineering Services Limited
279 Shivajimarg Properties Limited 12 Saket Courtyard Hospitality Private Limited (formerly
280 Silver - Two (Bangkok) Company Limited DLF Saket Hotels Private Limited)
281 Silver Oaks Property Management Services Limited 13 Banjara Hills Hyderabad Complex
282 Silverlink (Mauritius) Limited (iv) Associates
283 Silverlink (Thailand) Company Limited 1 DLF Pramerica Advisory Private Limited
284 Silverlink Holdings Limited 2 Ferragamo Retail India Private Limited (formerly Nelia
285 Single Ginius Company Limited Retail Private Limited)
286 Sinonet Holding Limited 3 Joyous Housing Limited
287 Societe Nouvelle de L'Hotel Bora Bora 4 Giorgio Armani India Private Limited
288 Solid Buildcon Private Limited 5 DLF New Gurgaon Homes Developers Private Limited)
289 Springhills Infratech Private Limited (formerly Mariana 6 Thalia Infratech Private Limited
Buildwell Private Limited ) 7 Turan Infratech Private Limited
290 Sunbreaze Estate Developers Limited 8 Regional D & R Limited
291 Sunlight Promoters Private Limited 9 Seven Seas Resorts and Leisure Inc
292 Tahitian Resorts Limited 10 Islan Aviation Limited
293 Tangalle Property (Private) Limted (Amanwella) 11 Revlys SA
294 Toscano Holdings Limited 12 Villajena
295 Triumph Electronics Private Limited 13 Surin Bay Co. Limited
296 Udipti Estate Developers Limited *** 14 P.T Jawa Express Amanda Indah

93
Schedules forming part of the Financial Statements (Contd.)

15 Lillion Builders and Developers Private Limited 32 DLF Investments Private Limited
16 Zeus Infrastructure Private Limited DLF M.T.FBD Medical and Commiunity Facility
33 Charitable Trust
*** Companies merged during the year with the DLF Commercial Developers 34 DLF Q.E.C. Educational Charitable Trust
Limited., a 100% subsidiary company. 35 DLF Q.E.C. Medical Charitable Trust
36 DLF Raghvendra Temple Trust
(v) Key Management Personnel
37 DLF SEZ Parks Private Limited (formerly Cian Builders
Name Designation Relatives (Relation)* and Developers Private Limited)
a) Mr. K.P. Singh Chairman Mrs. Renuka Talwar 38 Elanor Builders & Developers Private Limited
(Daughter) 39 Excel Housing Construction Private Limited
b) Mr. Rajiv Singh Vice Chairman Mrs. Kavita Singh (Wife) 40 Exe. of The Estate of Lt. Ch. Raghvendra Singh
Ms. Savitri Devi Singh 41 Exe. of The Estate of Lt. Smt. Prem Mohini
(Daughter) 42 Family Idol Shri Radha Krishan Ji
c) Mr. T.C. Goyal Managing 43 Family Idol Shri Shiv Ji
Director 44 Galena Builders & Constructions Private Limited
d) Ms. Pia Singh Whole Time Mr Dhiraj Sarna 45 Gangrol Agricultural Farm & Orchard
Director (Husband) 46 General Marketing Corporation
47 Glaze Builders and Developers Private Limited
e) Mr. K. Swarup Sr. Executive Mrs. Veena Swarup
Director (Wife) 48 Haryana Electrical Udyog Private Limited
49 Herminda Builders & Developers Private Limited
* Relatives of key management personnel (other than key 50 Hitech Property Developers Private Limited
management personnel themselves) with whom there were
51 Indira Trust
transactions during the year
52 Ishtar Retail Private Limited
(vi) Other enterprises under the control of the key 53 Jhandewalan Ancillaries and Investments Private Limited
management personnel and their relatives 54 K. P. Singh HUF
1 A.S.G. Realcon Private Limited 55 Kohinoor Real Estates Company*
2 Adampur Agricultural Farm 56 Krishna Public Charitable Trust
3 Adept Real Estate Developers Private Limited 57 Lal Chand Public Charitable Trust
4 Aeshya Estates Private Limited 58 Lion Brand Poultries
5 AGS Buildtech Private Limited 59 Lyndale Holdings Private Limited
6 Altamount Real Estate Developers Private Limited 60 Maaji Properties and Development Company*
7 Angus Builders & Developers Private Limited 61 Macknion Estates Private Limited
8 Antriksh Properties Private Limited 62 Madhukar Housing and Development Company*
9 Anubhav Apartments Private Limited 63 Madhur Housing and Development Company*
10 Aquarius Builders and Developers Private Limited 64 Magna Real Estate Developers Private Limited
11 Arihant Housing Company* 65 Mallika Housing Company*
12 Atria Partners 66 Megha Estates Private Limited
13 Bansal Development Company Private Limited 67 Northern India Theatres Private Limited
14 Belicia Builders & Developers Private Limited 68 Pace Financial Services
15 Beryl Builders & Constructions Private Limited 69 Panchsheel Investment Company*
Beverly Park Operation and Maintenance Services 70 Panchvati Estates Private Limited
16 Private Limited 71 Parvati Estates Private Limited
17 Buland Consultants and Investments Private Limited 72 Pia Pariwar Trust
18 Caraf Builders & Constructions Private Limited 73 Plaza Partners
19 Centre Point Property Management Services Private Limited 74 Power Overseas Private Limited
20 Ch.Lal Chand Memorial Charitable Trust 75 Prem Traders & Investments Private Limited
21 Desent Promoters and Developers Private Limited 76 Prem's Will Trust
22 Diana Retail Private Limited 77 Pushpak Builders and Developers Private Limited
23 Digital Talkies Private Limited 78 Pushpavali Builders and Developers Private Limited
24 Dilly Builders & Developers Private Limited 79 Raghvendra Public Charitable Trust
25 Dinky Builders & Developers Private Limited 80 Raisina Agencies and Investments Private Limited
26 DLF Assets Private Limited 81 Rajdhani Investments and Agencies Private Limited
27 DLF Building & Services Private Limited (formerly 82 Realest Builders and Services Private Limited
Nachiketa Real Estates Private Limited) 83 Renkon Agencies Private Limited
28 DLF Commercial Enterprises 84 Renkon Partners
29 DLF Foundation 85 Renuka Pariwar Trust
30 DLF Info City Developers (Chandigarh) Limited 86 R.R Family Trust
31 DLF Info City Developers (Kolkata) Limited 87 Sagarika Real Estate Developers Private Limited

94
 88 Sambhav Housing and Development Company * 103 Trinity Housing and Construction Company *
89 Sanidhya Constructions Private Limited 104 Udyan Housing and Development Company *
90 Savitri Studs and Farming Company Private Limited 105 Ultima Real Estate Developers Private Limited
91 Sidhant Housing and Development Company * 106 Universal Management and Sales Private Limited
92 Singh Family Trust 107 Upeksha Real Estate Developers Private Limited
93 Sketch Investment Private Limited 108 Uplift Real Estate Developers Private Limited
94 Smt.Savitri Devi Memorial Charitable Trust 109 Urva Real Estate Developers Private Limited
95 Solace Housing and Construction Private Limited 110 Uttam Builders and Developers Private Limited
96 Solange Retail Private Limited 111 Uttam Real Estates Company *
97 Sudarshan Estates Private Limited 112 Vanutsar Properties Private Limited
98 Sukh Sansar Housing Private Limited 113 Vishal Foods and Investments Private Limited
99 Sukomal Builders and Developers Private Limited Windsor Complex Property Management Services
100 Sulekha Builders and Developers Private Limited 114 Private Limited
101 Super Mart One Property Management Services Private Limited 115 Yashika Properties and Development Company *
102 Super Mart Two Property Management Services Private Limited
* A private company with unlimited liability.
b) The following transactions were carried out with related parties in the ordinary course of business
Subsidiary Entities Joint venture/
Associates
Description (Rs. in lacs) (Rs. in lacs)
2009 2008 2009 2008
Sale of land and constructed properties 740.99 51,462.44 - -
Sale of gas 268.18 - - -
Sale of development rights 8,297.38 61,805.42 - 21,761.24
Sale of fixed assets 1,741.19 23.66 - -
Interest income – loan 95,044.43 38,426.48 206.04 101.90
Interest income – debentures 776.43 - - -
Miscellaneous income# 31.25 0.60 - -
Rent received # 138.53 12.46 - -
Maintenance and service charges paid # 588.64 917.56 - -
Expenses recovered # 5,260.48 3,250.98 2,098.75 95.97
Purchase of land and developed plots 1,104.17 2,274.93 - -
Purchase of fixed assets - 0.49 - -
Rent paid # 14.67 60.72 - -
Interest paid 141.40 2,780.63 - -
Expenses paid 3,779.89 8,153.14 51.69 -
Technical/ professional charges paid 1,188.00 - 314.11 449.01
Payments under construction contracts - - 29,915.24 34,208.57
Investment purchased 60,808.64 106,192.15 20,125.00 0.50
Reduction in investment 1,220.13 1,545.20 - -
Debentures purchased 68,245.00 - - -
Debentures sold 29,500.00 - - -
Profit / (loss) from partnership firms (net) (530.69) 187.02 - -
Loans given 858,492.24 1,433,042.38 1,003.00 1,604.00
Loan received back 845,244.61 1,079,544.31 52.00 597.31
Guarantees given (net) 126,567.00 19,000.00 - -
Advances received under agreement to sell 16,665.89 16,725.00 17,600.00 -
Advances received under agreement to sell refunded - 54,780.00 - -
Earnest money paid under agreement to purchase land/ development rights 22,625.26 211,709.53 - -
Earnest money paid under agreement to purchase land/ development 29,637.36 - - -
rights refunded
Advances given 2,295.40 996.47 517.00 2,209.00
Purchase of development rights 5,656.29 77,949.80 - -
Cancellation of sale of constructed properties - 1,317.60 - -
Loans taken 1,200.00 - - -
Loans refunded 1,200.00 - - -
Claims paid 875.00 - - -
Share application money paid - 560.00 - -
# Figures shown above are net of service tax

95
Schedules forming part of the Financial Statements (Contd.)

Subsidiary entities/
Joint venture/ associates
partnership firms
Balance at the end of the year
(Rs. in lacs) (Rs. in lacs)
2009 2008 2009 2008

Debtors 3,684.26 4,700.54 - -

Investments in shares 226,520.57 170,703.46 21,665.50 1,538.00
Investments in debentures 38,745.00 - - -
Loans and advances 795,186.59 703,853.30 9,506.89 8,040.71
Earnest money and part payments under agreement to
purchase land/ development rights/ constructed properties 469,704.93 476,704.19 - -
Creditors/ amounts payable 3,602.07 16,485.35 4,378.81 888.47
Guarantees given 388,708.23 262,141.23 - -
Advances received under agreement to sell 53,615.29 190.40 - 22,759.00
Earnest money received 23,731.50 25,241.50 - -
Share application money paid - 560.00 - -
Security deposit received 305.76 - - -

Description Key Management Personnel Enterprises over which KMP

(KMP) and their relatives is able to exercise significant
influence
(Rs. in lacs) (Rs. in lacs)
2009 2008 2009 2008
Purchase of land and material - - 10.94 -
Sale of constructed properties - - - 22,458.41
Development income - - 101,235.83 149,794.30
Remuneration paid 1,693.86 3,014.50 - -
Interest income - - 10.54 2,667.93
Rent paid 21.63 18.14 41.97 35.06
Interest paid - - 14,432.24 6,095.82
Lease money received - - 2.09 -
Expenses recovered - - 13.56 44.63
Miscellaneous income - - 6.68 64.92
Expenses paid - 191.06 -
Loan given - - 300.00 -
Loan received back - - 300.00 30,810.89
Cancellation of sales of constructed properties - - - 22,458.41

Balance at the end of the year

Unbilled receivables - - 18,763.13 -
Security deposit given - - 5.17 5.11
Investment - - 85.80 85.80
Earnest money and part payments under agreement to
purchase land/ constructed properties - - 303.58 228.03
Amount recoverable/advances - - 7.00 10.75
Creditors/ amounts payable 94.94 200.40 3,165.23 2.45
Managerial commission payable 825.00 2,050.00 - -
Realisation under agreement to sell - - - 16,772.76

Above includes the following material transactions.

96
Description Subsidiary companies/ partnership firms under control
(Rs. in lacs)
Transactions during the year Name of the entity 2009 2008
Sale of land and constructed properties DLF Home Developers Limited 740.99# 50,990.60

Sale of gas DLF Utilities Limited (formerly DLF Utilities Private Limited) 268.18 -
Sale of development rights DLF Homes Ambala Private Limited (formerly Nabhoj Builders 1,135.29 -
& Developers Private Limited)
DLF Garden City Indore Private Limited 1,633.02 7,039.59
DLF Southern Towns Private Limited 947.70 32,692.23
DLF New Gurgaon Homes Developer Private Limited 3,600.00 -
DLF Homes Panchkula Private Limited - 22,073.60
Sale of fixed assets DLF Utilities Limited (formerly DLF Utilities Private Limited) 1,741.19 -
DLF Commercial Developers Limited - 23.66
Interest income on loan DLF Retail Developers Limited 37,749.98 10,697.43
DLF Home Developers Limited 22,857.70 11,693.78
Interest income on debentures Jawala Real Estate Private Limited 755.79 -

Miscellaneous income# DLF Utilities Limited (formerly DLF Utilities Private Limited) 5.00 -
DLF Housing and Construction Limited 5.00 -
Edward Keventor (Successors) Private Limited 5.00 -
Bhoruka Financial Services Limited - 0.10
Paliwal Developers Limited - 0.10
Galleria Property Management Services Private Limited - 0.10
Regency Park Property Management Services Private Limited - 0.10
DLF South Point - 0.10
Beverly Park Maintenance Services Limited - 0.10
Rent received # DLF Retail Developers Limited 83.00 7.26
DLF Brands Private Limited (formerly DLF Retail Brands 27.48 -
Private Limited)
DLF Commercial Developers Limited 5.20 5.20
Maintenance and service charges paid # DT Cinemas Limited (formerly DLF Services Limited) 209.40 200.56
DLF Estate Developers Limited 379.24 717.00
Expenses recovered # DLF Cyber City Developers Limited 686.10 628.19
DLF Utilities Limited (formerly DLF Utilities Private Limited) 2,124.99 -
DLF Retail Developers Limited 81.14 530.39
DLF Commercial Developers Limited 480.98 719.57
DLF Home Developers Limited 312.49 474.69
Purchase of land and developed plots DLF Utilities Limited (formerly DLF Utilities Private Limited) 915.38 2,260.51
DLF Housing & Construction Limited 188.79 14.42
Purchase of fixed assets DLF Land Limited - 0.49
Rent paid # DLF Office Developers 13.55 60.00
Interest expense Bhoruka Financial Services Limited 141.40 -
DLF Commercial Projects Corporation - 2,780.63

97
Schedules forming part of the Financial Statements (Contd.)

Description Subsidiary companies/ partnership firms under control

(Rs. in lacs)
Transactions during the year Name of the entity 2009 2008
Expenses paid # DLF Projects Limited 3,069.47 -
DLF Commercial Developers Limited 297.99 5,101.92
DLF Home Developers Limited 0.20 2,016.66
Technical/professional charges paid# DLF Hotel Holding Limited 1,188.00 -
Investment purchased DLF Info Park Developers (Chennai) Limited 32,000.00 -
DLF Hotel Holdings Limited 16,045.00 101,610.00
DLF Pramerica Life Insurance Company Limited 10,137.00 -
Reduction in Investment DLF Office Developers 622.48 -
DLF South Point 503.65 -
DLF City Centre - 1,306.38
Kavicon Partners 94.00 176.00
Debentures purchased Jawala Real Estate Private Limited 38,745.00 -
DLF SEZ Developers Limited 29,500.00 -
Debentures sold DLF SEZ Developers Limited 29,500.00 -
Profit / (loss) on partnership firms (net) DLF Office Developers 379.98 326.67
Kavicon Partners 101.10 102.18
DLF Commercial Projects Corporation (1,009.79) (314.97)
DLF Recreational Foundation - 34.28
DLF South Point 1.28 (19.37)
Rational Builders & Developers (2.87) 61.63
Loans given DLF Retail Developers Limited 190,412.04 410,625.00
DLF Commercial Developers Limited 181,562.51 278,102.00
DLF Home Developers Limited 316,663.52 453,058.58
Loan received back DLF Retail Developers Limited 249,828.09 188,161.51
DLF Commercial Developers Limited 196,162.89 290,716.74
DLF Home Developers Limited 251,680.52 337,298.42
DLF Cyber City Developers Limited 14,721.54 110,885.84
Guarantees given (net) DLF Commercial Developers Limited (44,500.00) -
Regency Park Property Management Services Private Limited 41,100.00 -
DLF Cyber City Developers Limited 117,500.00 18,000.00
Jawala Real Estate Private Limited (90,000.00) -
Advances received under agreement to sell DLF New Gurgaon Homes Developer Private Limited 16,665.89 -
DLF Home Developers Limited - 16,725.00
Advances received under agreement to DLF Southern Homes Private Limited - 10,150.00
sell refunded
Earnest money paid under agreement to DLF Commercial Projects Corporation 16,770.00 96,374.30
purchase land/ development rights
Rational Builders & Developers 5,855.26 115,335.23
Earnest money paid under agreement to DLF Commercial Projects Corporation 25,522.28 44,630.00
purchase land/ development rights refunded
Rational Builders & Developers 4,115.08 -
Advances given (net) DLF Projects Limited 2,295.40 -
DLF Housing and Construction Limited - 975.63
Purchase of development rights DLF Commercial Projects Corporation 3,000.00 58,291.74
Rational Builders and Developers 2,266.29 19,658.06
Cancellation of sale of constructed DLF Home Developers Limited - 1,317.60
properties

98
Description Subsidiary companies/ partnership firms under control
(Rs. in lacs)
Transactions during the year Name of the entity 2009 2008
Loan taken Bhoruka Financial Services Limited 1,200.00 -
Loan refunded Bhoruka Financial Services Limited 1,200.00 -
Claim paid DLF Hilton Hotels Limited 875.00 -
Share application money paid DLF Hotel Holdings Limited - 560.00
#Figures shown above are net of service tax
Subsidiary companies/ partnership firms under control
(Rs. in lacs)
Balance at the end of the year Name of the entity 2009 2008
Debtors DLF Homes Ambala Private Limited (formerly Nabhoj Builders 1,135.29 -
& Developers Private Limited)
DLF Garden City Indore Private Limited 896.65 4,700.14
DLF Southern Towns Private Limited 947.70 -
DLF Southern Homes Private Limited 569.21 -
Investments in shares DLF Info Park Developers Chennai Limited 32,000.00 -
Edward Keventor (Successors) Private Limited 43,892.06 43,892.06
DLF Hotel Holdings Limited 117,660.00 101,615.00
Investments in debentures Jawala Real Estate Private Limited 38,745.00 -
Loans and advances given DLF Retail Developers Limited 294,363.14 324,292.13
DLF Home Developers Limited 278,599.04 194,633.76
Earnest money and part payments under DLF Commercial Projects Corporation 371,774.24 380,526.52
agreement to purchase land/ development
rights/ constructed properties
Rational Builders & Developers 90,134.86 88,394.68
Creditors/ amounts payable DLF Hotel Holdings Limited 1,712.07 2,725.95
DLF Commercial Projects Corporation 1,534.31 2,990.11
DLF Commercial Developers Limited - 4,658.93
DLF Home Developers Limited - 1,739.80
Guarantees given DLF Commercial Developers Limited 43,000.00 87,500.00
Regency Park Property Management Services Private Limited 41,100.00 -
DLF Cyber City Developers Limited 159,500.00 42,000.00
DLF Info City Developers (Chennai) Limited 27,700.00 27,700.00
Jawala Real Estate Private Limited - 90,000.00
Advances received under agreement DLF New Gurgaon Homes Developer Private Limited 53,424.89 -
to sell
DLF Financial Services Limited 29.75 29.75
DLF Utilities Limited (formerly DLF Utilties Private Limited) 117.53 117.53
Diwakar Estates Limited 25.27 25.27
Earnest money received DLF Home Developers Limited 23,731.50 20,241.50
DLF Hilton Hotel Limited - 5,000.00
Share application money paid DLF Hotel Holdings Limited - 560.00
Security deposit received DT Cinemas Limited (formerly DLF Services Limited) 62.97 -
DLF Brands Private Limited (formerly DLF Retail Brands 96.14 -
Private Limited)
Kapo Retail Private Limited 45.59 -
DLF Food Courts Private Limited 84.77 -

99
Schedules forming part of the Financial Statements (Contd.)

Description Joint Ventures/ Associates

(Rs. in lacs)
Transactions during the year Name of the entity 2009 2008
Sale of development rights DLF New Gurgaon Homes Developer Private Limited - 21,761.24
Interest income on loan Delanco Real Estate Private Limited 206.04 101.90
Expenses recovered # DLF New Gurgaon Homes Developer Private Limited 2,011.47 80.86
Kenneth Builders and Developers Private Limited - 15.11
Expenses paid Delanco Real Estate Private Limited 51.68 -
Advances received under agreement DLF New Gurgaon Homes Developer Private Limited 17,600.00 -
to sale
Technical/ professional charges paid WSP Engineering Services Limited 314.11 449.01
Payments under construction contracts DLF Laing O'Rourke (India) Limited 29,915.24 34,208.57
Investment purchased DLF Limitless Developers Private Limited 20,125.00 0.50
Loans given Delanco Real Estate Private Limited 1,003.00 1,604.00
Loan received back Delanco Real Estate Private Limited 52.00 597.31
Advances given Joyous Housing Limited 517.00 2,109.00
# Figures shown above are net of service tax

Joint Ventures/ Associates

(Rs. in lacs)
Balance at the end of the year Name of the entity 2009 2008
Investments in shares DLF Limitless Developers Private Limited 20,125.50 0.50
Delanco Real Estate Private Limited 1500.00 1,500.00
Loans and advances Delanco Real Estate Private Limited 2,215.65 1,105.30
Joyous Housing Limited 7,291.24 6,774.24
Creditors/ amounts payable DLF Laing O'Rourke (India) Limited. 4,376.88 845.03
Advances received under agreement to sell DLF New Gurgaon Homes Developer Private Limited - 22,759.00

Description Enterprises over which KMP is able to exercise significant influence

(Rs. in lacs)
Transactions during the year Name of the entity 2009 2008
Purchase of land and material DLF Building & Services Private Limited (formerly Nachiketa 10.94 -
Real Estates Private Limited)
Sale of constructed properties Caraf Builders & Constructions Private Limited - 22,458.41
Development income DLF Assets Private Limited 101,235.83 149,794.30
Interest income DLF Q.E.C. Medical Charitable Trust 10.54 -
DLF Info City Developers ( Chandigarh) Limited - 718.25
DLF Info City Developers ( Kolkata) Limited - 1949.68
Rent paid # Realest Builders & Services Limited 9.67 9.67
DLF Q.E.C. Medical Charitable Trust 13.13 10.64
DLF Q.E.C. Educational Charitable Trust 17.51 14.19
Interest paid DLF Assets Private Limited 14,432.85 6,095.82
Lease money received DLF Assets Private Limited 2.09 -
Expenses recovered # DLF Assets Private Limited 1.77 -
DLF Info City Developers ( Chandigarh) Limited 6.87 4.40
DLF Info City Developers ( Kolkata) Limited 4.63 27.50
DLF Commercial Enterprises 0.14 12.73
Miscellaneous income # DLF Building & Services Private Limited (formerly Nachiketa 6.68 64.92
Real Estates Private Limited)

100
 (Rs. in lacs)
Description Enterprises over which KMP is able to exercise significant influence
Transactions during the year Name of the entity 2009 2008
Expenses paid DLF Q.E.C. Medical Charitable Trust 22.37 -
DLF Q.E.C. Educational Charitable Trust 108.71 -
Pace Financial Services 35.24 -
DLF Foundation 24.75 -
Loan given DLF Q.E.C. Medical Charitable Trust 300.00 -
Loan received back DLF Q.E.C. Medical Charitable Trust 300.00 -
DLF Info City Developers (Chandigarh) Limited - 8,953.62
DLF Info City Developers (Kolkata) Limited - 21,857.27
Cancellation of sales of constructed Caraf Builders & Constructions Private Limited - 22,458.41
properties
# Figures shown above are net of service tax

(Rs. in lacs)
Balance at the end of the year
Unbilled receivables DLF Assets Private Limited 18,763.13 -
Security deposit given DLF Q.E.C. Medical Charitable Trust 1.25 1.25
DLF Q.E.C. Educational Charitable Trust 3.86 3.86
Investments Digital Talkies Private Limited 80.68 80.68
Earnest money and part payments DLF Building & Services Private Limited (formerly Nachiketa 269.31 193.76
under agreement to purchase land/ Real Estates Private Limited)
constructed properties
Amount recoverable/advances DLF Info City Developers 6.85 -
(Chandigarh) Limited
DLF Commercial Enterprises 0.14 10.75
Creditors/ amounts payable DLF Q.E.C. Educational Charitable Trust 101.70 -
DLF Q.E.C. Medical Charitable Trust 20.87 -
Realisation under agreement to sell DLF Assets Private Limited 3,039.44 16,772.76

(Rs. in lacs)
Description Key Management Personnel (KMP) and their relatives
Transactions during the year Name of the Director 2009 2008
Remuneration paid Mr. K.P. Singh 306.52 802.38
Mr. Rajiv Singh 332.30 843.37
Mr. K Swarup 181.14 321.36
Mr. T.C. Goyal 559.42 625.33
Ms. Pia Singh 284.48 401.26
Rent paid Mrs. Veena Swarup 21.63 18.14

(Rs. in lacs)
Balance at the end of the year
Creditors/ amounts payable Mr. K.P. Singh 7.22 2.96
Mr. Rajiv Singh 10.73 11.41
Ms. Pia Singh 1.99 46.03
Mr. K Swarup 75.00 -
Managerial commission payable Mr. K.P. Singh 250.00 750.00
Mr. Rajiv Singh 250.00 750.00
Mr. T.C. Goyal 225.00 325.00
Ms. Pia Singh 100.00 225.00

101
Schedules forming part of the Financial Statements (Contd.)

(c) Non cash transactions with the related parties (subsidiary companies)

2009 2008
Bonus shares received by the Company Face value
per share
DLF Cyber City Developers Limited Rs. 10 75,000,000 -
DLF Retail Developers Limited Rs. 10 - 43,000,000
DLF Utilities Limited (formerly known as DLF Utilities Private Limited) Rs. 10 - 14,411,000

12. Information pursuant to clause 32 of the listing agreements with stock exchanges

a. Loans and advances in the nature of loans to Subsidiaries/ Balance as on March 31 Maximum balance during
Associates/Joint ventures/ partnership firms/others the year
Name of the entity Status 2009 2008 2009 2008
1 Kairav Real Estate Private Limited Subsidiary 5,193.92 2,285.70 5,193.92 2,285.70
2 DLF Housing and Construction Limited Subsidiary 940.00 257.90 940.00 330.00
3 DLF Commercial Developers Limited Subsidiary 10,882.20 18,540.38 105,507.38 89,634.00
4 DLF Retail Developers Limited Subsidiary 293,784.17 324,004.39 341,612.39 341,120.00
5 DLF Home Developers Limited Subsidiary 275,153.06 192,491.92 275,153.06 271,546.78
6 Paliwal Developers Limited Subsidiary 1,134.27 1,749.23 1,749.23 1,888.00
7 Beverly Park Maintenance Services Limited Subsidiary 34,944.00 44,063.09 46,963.09 53,003.11
8 DLF Cyber City Developers Limited Subsidiary - 2,977.54 14,021.54 61,323.50
9 Breeze Construction Private Limited Subsidiary 13,681.45 12,140.12 13,681.45 12,140.12
10 DLF Utilities Limited (formerly DLF Utilities Subsidiary 11,666.29 1,176.64 11,666.29 1,176.64
Private Limited)
11 VSK Investment and Finance Limited Subsidiary 14,240.62 13,037.26 14,240.62 13,037.26
12 DLF Brands Private Limited (formerly DLF Subsidiary 5,911.56 563.09 72,085.72 563.09
Retail Brands Private Limited)
13 DT Cinema Limited (formerly DLF Services Limited) Subsidiary 4,240.62 997.49 4,240.62 997.49
14 DLF Services Limited (formerly DLF Infocity Subsidiary 604.63 - 604.63 -
Developers Gujarat Limited)
15 DLF Estate Developers Limited Subsidiary 955.88 1,369.87 1,328.50 1,369.87
16 NewGen MedWorld Hospitals Limited Subsidiary 46.64 22.46 46.64 22.46
17 Dalmia Promoters and Developers Private Limited Subsidiary 762.32 693.85 762.32 693.85
18 DLF Finvest Limited (formerly DLF Info City Subsidiary 31.00 321.41 611.41 321.41
Developers (Noida) Limited)
19 Eastern India Powertech Limited (formerly Subsidiary 38,855.68 32,251.66 38,855.68 32,251.66
DLF Power Limited)
20 DLF Hotel Holdings Limited Subsidiary - 7,410.93 10,478.78 7,410.93
21 DLF SEZ Developers Limited Subsidiary 318.03 152.08 318.03 152.08
22 Edwards Keventors (Successors) Private Limited Subsidiary 7,494.79 - 7,494.79 790.00
23 Bhoruka Financial Services Limited Subsidiary 3762.13 - 3,960.00 1,343.93
24 DLF Info City Developers (Chennai) Limited Subsidiary 1,527.45 - 2,954.00 2,305.23
25 Delanco Real Estate Private Limited Joint Venture 2215.65 1,105.30 2,215.65 1,604.00
26 DLF Akruti Info Parks (Pune) Limited Subsidiary 14,176.52 13,108.33 14,176.52 13,108.33
27 DLF Emporio Restaurent Limited Subsidiary 408.30 - 408.30 -
28 DLF Green Power Private Limited Subsidiary 235.82 - 235.82 -
29 DLF Financial Services Limited Subsidiary 0.69 - 0.69 -
30 Galleria Property Management Services Subsidiary 2,637.93 3,922.43 3,922.43 7,026.16
Private Limited
31 Regency Park Property Management Subsidiary 1,237.77 18,205.13 20,230.13 18,353.47
Services Private Limited
32 DLF City Centre Limited Subsidiary 5,952.37 - 5,952.37 -
33 DLF Food Court Private Limited Subsidiary 240.58 - 240.58 -

102
 (Rs in lacs)
a. Loans and advances in the nature of loans to Subsidiaries/ Balance as on March 31 Maximum balance during
Associates/Joint ventures/ partnership firms/others the year
Name of the entity Status 2009 2008 2009 2008
34 Jawala Real Estate Private Limited Subsidiary 2,534.68 - 2,534.68 -
35 DLF Property Developers Limited Subsidiary 61.70 - 146.00 -
36 DLF Commercial Complex Limited Subsidiary 21,965.25 - 21,965.25 -
37 DLF GK Residency Partnership 2,679.60 - 2,679.60 -
38 DLF QEC Medical Charitable Trust Other - - 300.00 -

• There are no transactions of loans and advances to subsidiaries, associate firms/ companies 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 Companies Act . 1956.

13. Operating leases

A) Assets given on lease*
(Rs. in lacs)
Class of assets Gross block Depreciation Cumulative
as on March 31, 2009 for the year depreciation
2008-09 March 31, 2009
a) Fixed assets (Leasehold land and building) 42,207.32 153.92 153.92
b) Current assets (Constructed buildings
and related equipments including land)
Lease hold 3,054.27 52.12 897.72
Free hold 10,785.05 216.19 286.01

* Includes partly self occupied properties.

B) The Company has leased facilities under non- cancelable operating leases. The future
minimum lease payment in respect of these leases as at March 31, 2009 are
(Rs. in lacs)
Minimum lease payments receivables: March 31, 2009 March 31, 2008
(i) Not later than one year 6,446.58 2,523.94
(ii) Later than one year and not later than five years 9,766.17 4,477.40
(iii) Later than five years - -
Total 16,212.75 7,001.34

14. Investments in Joint ventures

S. Joint venture Location Principal activities Ownership

No interest
1 Niharika Shopping Mall Joint Venture Mumbai Development and construction of 50%
shopping mall
2 Mount Mary Residential Project Mumbai Development and construction of 50%
residential building
3 Delanco Real Estate Private Limited New Delhi Real estate consulting and brokerage 50%
4 DLF Limitless Developers Private Limited New Delhi Development and construction of 50%
townships
5 DLF SEZ Holdings Limited New Delhi Development and construction of 50%
townships

103
Schedules forming part of the Financial Statements (Contd.)

A) The Company’s share of the assets, liabilities, income and expenditure of the significant Joint
Venture (under jointly controlled operations) are as follows
(Rs. in lacs)
Amount in respect of Niharika Shopping Mall Joint Venture – Balance Sheet 2009 2008
Reserves and surplus 1.54 2.02
Secured loans 3,437.01 901.84
Unsecured loans - 50.03
Fixed Assets (less accumulated depreciation) 5.44 6.24
Inventories 7,766.38 6,186.88
Cash and bank 220.50 37.50
Sundry debtors 2.54 1.12
Loans and advances 978.01 129.97
Current liabilities and provisions 334.30 293.33
Amount in respect of Niharika Shopping Mall Joint Venture –Statement of Profit & Loss
account
Selling, general and administrative expenses 0.49 0.68
Interest received 0.01 0.11
Dividend - 2.32
Net profit / (loss) after tax & prior period item (0.48) 1.75

B) Amounts in case of Mount Mary Project (under jointly controlled operations) is Rs. Nil, as the
project has not yet commenced.
(Rs. in lacs)
C) Amount in respect of Delanco Real Estate Private Limited – Balance Sheet 2009 2008
Reserves and surplus 537.27 614.90
Secured loans 9.69 10.07
Unsecured loans 1,028.15 513.50
Fixed Assets (less accumulated depreciation) 23.67 33.23
Investments 0.80 0.80
Sundry debtors 19.00 191.98
Cash and bank 110.39 34.37
Loans and advances 2,214.83 1,676.12
Current liabilities and provisions 293.59 302.19
Amount in respect of Delanco Real Estate Private Limited – Profit & Loss account
Service and maintenance income 180.90 219.74
Interest received 240.42 148.77
Miscellaneous income 126.38 221.95
Selling, general and administrative expenses 618.21 472.55
Net profit / (loss) after tax & prior period item (77.64) 75.33

(Rs. in lacs)
D) Amount in respect of DLF Limitless Developers Private Limited – Balance Sheet 2009 2008

Cash and bank 4.74 11.13

Loans and advances 20,000.00 5,050.00
Current liabilities and provisions 8.21 50.68
Reserves and surplus 128.96 115.05
Amount in respect of DLF Limitless Developers Private Limited – Profit & Loss Account
Selling, general and administrative expenses 13.91 (115.05)
Net loss after tax & prior period item (13.91) (115.05)

104
 (Rs. in lacs)
# E) Amount in respect of DLF SEZ Holdings Limited – Balance Sheet 2009 2008#
Cash and bank 1.89 -
Current liabilities and provisions 1.62 -
Reserves and surplus 2.23 -
Amount in respect of DLF SEZ Holdings Limited Profit & Loss Account
Selling, general and administrative expenses 1.64 -
Net loss after tax (1.67) -

# Joint venture entered into during the year, accordingly previous year figures are not furnished.
Note: Disclosure of financial data as per Accounting Standard -27 ‘Financial Reporting of interest in the
joint venture’ has been done based on the audited financial statements of the above mentioned Joint
Venture Operation or Joint entities, as the case may be, as on March 31, 2009.
15. Employees 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 the eligible employees of the Company and its subsidiaries. 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 Rs. 2 per share, being its exercise price.
b) As per the Scheme, the Remuneration Committee has granted Options as per details below :-

Grant No. Date of Grant No. of options Outstanding options

Granted as on March 31, 2009
(Net of forfeiture)
I June 27, 2007 37,34,057 31,84,900
II October 10, 2007 3,08,077 2,91,177
III July 01, 2008 16,45,520 15,14,040
IV October 10,2008 1,60,059 1,57,659

According to the Guidance Note 18 on “Share Based Payments” issued by ICAI, Rs. 3,786.35
lacs have been provided during the year as proportionate cost of these options [including the
proportionate cost of 4,51,226 (net of forfeiture 3,81,559 number of options) committed to be
granted in the future].
c) Outstanding stock options for equity shares of the Company under the “Employees Stock Option
Scheme”
Particulars 2009
Grant Date of grant Exercise price Numbers granted Number of options Total
No. Rs. committed to be
granted in the future
I July 1, 2007 2 31,84,900 2,93,300 34,78,200
II October 10, 2007 2 2,91,177 88,259 3,79,436
III July 01, 2008 2 15,14,040 --- 15,14,040
IV October 10,2008 2 1,57,659 --- 1,57,659

105
Schedules forming part of the Financial Statements (Contd.)

d) In accordance with the Guidance Note - 18 “Share based payments” the following information
relates to the stock options granted by the Company.
2009
Particulars Stock options Range of Weighted- Weighted-
(numbers) exercise prices average average
(Rs.) exercise prices remaining
(Rs.) contractual life
(years)
Outstanding, beginning of the year 49,62,810 2 - -
Granted (Including committed to be 12,76,929 2 2
granted in future) during the year
Forfeited during the year 7,10,404 2 2
Exercised during the year - - - -
Lapsed during the year - - - -
Outstanding, end of the year 55,29,335 2 2 5.22
Exercisable at the end of the year - - - -

e) The following table summarizes information about stock options outstanding as at March 31,
2009

Options outstanding Options exercisable

Weighted
Range of
average Weighted average Weighted average
exercise
Numbers remaining exercise price Numbers exercise price
prices
contractual life (Rs.) (Rs.)
(Rs.)
(Years)
2 55,29,335 5.22 2 - -

The Company has calculated the employee compensation cost using the Intrinsic value of the
stock options. 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 Rs. 428.68 lacs and proforma profit after tax would have been Rs. 155,060.00 lacs
(higher by Rs. 282.97 lacs). On a proforma basis, the basic and diluted earnings per share would
have been Rs. 9.12 and Rs. 9.09 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 1 Grant ll Grant lll Grant IV
Dividend yield (%) 0.28 0.28 0.57 0.73
Expected life (no. of years) 6.5 6.5 5.5 5.5
Risk free interest rate (%) 8.37 8.09 9.46 8.17
Volatility (%) 82.3 82.3 52.16 59.70

16. Cash Settled Options

As per the scheme of Employee Shadow Option, 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:-

Block I Block II
End of Year 2 End of Year 4

50% of the total grant 50% of the total grant

106
 Details of outstanding options and the expenses recognized under the employee shadow option
scheme is as under :-
No. of Exercise price Average market Fair value of Total expenses Liability as on March
Shadow price shadow option charged to Profit 31, 2009 (Included
options and Loss Account in Schedule 14-
outstanding (Included in Provision – Employee
as on March Schedule-17 – Benefits)
31, 2009 Employee benefits)
No. Rs./Option Rs./Option Rs./Option Rs. In lacs Rs. In lacs
487,490 2 160.30 158.30 379.13 379.13

17. a) The Company uses Forward contracts and Swaps to hedge its risks associated with fluctuations
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 hedge,
considering the risks associated with the hedging of such loans, which effectively fixes 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, 2009:
(Rs. In lacs)
For Hedging any Risks 2009 2008
Secured Loans 69,998.93 75,915.43
Interest on Secured Loans – 30.82
Unsecured Loans – 3,999.01
Interest on Unsecured Loans – 0.88

b) The detail of foreign currency exposure that are not hedged by derivative instrument or other wise
included in the creditors is as mentioned below:-
(Rs. in lacs)
2009 2008
INR USD* INR USD
Secured Loans 5,662.55 111.14 – –
Interest on Secured Loans 19.98 0.39 – –
Unsecured Loans – – – –
Interest on Unsecured Loans – – – –

* Conversion rate applied 1 USD = Rs.50.95

18. Contingent liabilities, not provided for, exist in respect of (Rs. in lacs)
2009 2008
a) Guarantees issued by the Company on behalf of :
Subsidiary companies 388,708.23 261,141.17
Others 12,000.00 –
b) Claims against the Company (including unasserted 12,097.05 7, 214.61
claims) not acknowledged as debts
c) Income tax demand in excess of provisions (pending 53,283.03 5,017.77
in appeals)
d) Undertaking to buy back preference shares in 170,939.57 156,053.00
subsidiary/ associate companies*

* 29.81 acres of land of the Company and 55.8475 acre land of subsidiary companies is also pledged as collateral securities against
these undertakings.

107
Schedules forming part of the Financial Statements (Contd.)

19. Following current investments were purchased and sold during the year
a) Mutual funds
Total quantity Total value of Total quantity Total value of
Sl.
Scheme name purchased purchases redeemed redemption
No.
(nos.) (Rs. In lacs) (nos.) (Rs. In lacs)
1 SBI-Liquid 264,188,768 26,504.74 264,188,768 26,504.74
2 SBI-Liquid Plus 215,741,450 21,584.93 215,741,450 21,584.93
3 Birla-Liquid Plus 225,433,194 22,558.65 225,433,194 22,558.65
4 Birla-Cash Plus 364,398,899 36,510.95 364,398,899 36,510.95
5 Religare-Liquid Plus 24,998,247 2,500.45 24,998,247 2,500.45
6 Religare- Ultra Short Term Fund 25,015,972 2,505.52 25,015,972 2,505.52
7 Fortis-Money Plus 25,088,366 2,508.84 25,088,366 2,508.84
8 Fortis-Overnight Fund 25,003,727 2,500.37 25,003,727 2,500.37
9 HSBC-Cash Plus 179,943,314 18,004.41 179,943,314 18,004.41
10 HSBC-Liquid Plus 150,284,093 15,047.35 150,284,093 15,047.35
11 JM Financial-Liquid Plus 49,926,423 5,000.88 49,926,423 5,000.88
12 JM Financial-Liquid Super Plus 50,097,376 5,011.79 50,097,376 5,011.79
13 DWS-Money Plus 25,036,890 2,505.74 25,036,890 2,505.74
14 DWS-Cash Plus 24,955,676 2,500.43 24,955,676 2,500.43
15 Reliance-Liquid Plus 11,761,818 117,751.85 11,761,818 117,751.85
16 Reliance-Liquidity Fund 1,254,867,515 125,525.65 1,254,867,515 125,525.65
17 IDFC-Liquid 1,499,942 15,002.57 1,499,942 15,002.57
18 IDFC-Liquid Plus 250,457,929 25,059.57 250,457,929 25,059.57
19 IDFC-Cash Fund 130,004,239 13,003.67 130,004,239 13,003.67
20 HDFC-Cash Management 24,980,978 2,505.97 24,980,978 2,505.97
21 HDFC-Liquid Fund Premium 20,395,343 2,500.43 20,395,343 2,500.43
22 Kotak-Flexi Debt Scheme 74,947,062 7,518.01 74,947,062 7,518.01
23 Kotak-Liquid 61,345,001 7,501.33 61,345,001 7,501.33
24 ICICI-Flexible Income Plan 23,701,554 2,506.08 23,701,554 2,506.08
25 ICICI-Liquid Plan 25,003,061 2,500.43 25,003,061 2,500.43
26 DSP-Liquid Plus 2,752,871 27,550.73 2,752,871 27,550.73
27 DSP-Cash Plus 1,253,617 12,537.42 1,253,617 12,537.42
28 DSP-Liquidity Fund 3,700,306 37,010.46 3,700,306 37,010.46
29 DSP-Floating Rate Fund 12,601,638 126,016.38 12,601,638 126,016.38
Tata Asset Managment-Liquid Super High Investment
30 448,704 5,000.89 448,704 5,000.89
Fund
31 Tata Asset Management-Floater Fund 49,916,493 5,009.42 49,916,493 5,009.42
32 Principal-Cash Management Fund 50,004,748 5,000.82 50,004,748 5,000.82
33 Principal-Liquid Plus 50,013,768 5,011.38 50,013,768 5,011.38
34 UTI-Liquid Plus 1,354,337 13,546.26 1,554,492 15,548.24
35 UTI-Cash Plan Institutional 1,324,483 13,502.39 1,324,483 13,502.39
36 Reliance Institutional Dividend Plan 651,942 65.15 11,534,074 1,154.28

b) Long term Investments

Purchase and sale of debentures during the year amounting to Rs. 29,500.00 lacs of DLF SEZ
Developers Limited, (a subsidiary company).
20. The Company is primarily engaged in the business of colonization and real estate development, which
as per Accounting Standard 17 on “Segment Reporting” issued by the ICAI is considered to be the
only reportable business segment. The Company is primarily operating in India which is considered
as a single geographical segment.

108
21. Capital expenditure commitments (Rs. in lacs)
2009 2008
21,510.34 31,418.82

22. Directors’ remuneration*

(Rs. in lacs)
2009 2008
Salaries and bonus 586.60 407.79
Commission – Whole time Directors 825.00 2,050.00
Commission – Non executive Directors 140.00 140.00
Directors’ fee 30.00 20.80
Provident and other funds 87.05 75.87
Other perquisites and benefits 165.21 460.04
1,833.86 3,154.50

* Exclusive of provisions for gratuity, compensated absence, premium for personal accidental policy, Share based payment, made in
the financial statements as per accounting policy number 13 and 15 as stated in Schedule 24.

Computation of net profits in accordance with Section 349 of the Companies Act, 1956 and commission
payable to Directors
(Rs. in lacs)
Profit before tax as per the profit & loss account 181,086.82
Add: Directors’ remuneration (including directors’ fee) 1,833.86
Add: Loss on sale of fixed assets 60.21
Add: Assets written off /discarded 63.17
Add: Provision for discard of fixed assets -
Add: Provision for doubtful debts and advances 328.31
Less: Profit on sale of fixed assets (1.21)
Net profit as per Section 349 of the Companies Act, 1956 183,371.16

Commission
Whole-time Directors 825.00
Non Executive Directors 140.00
Overall limit of managerial remuneration allowed as per Section 198 of the Companies Act, 1956 20,152.13
Managerial remuneration paid 1,833.86

23. Due from Directors/officers

(Rs. in lacs)
2009 2008
Amount due from an officer - -
Maximum balance at any time during the year - 14.88

24. Dividend to non-resident shareholders

(Rs. in lacs)
2009 2008
(in foreign currency)
Number of shareholders 3 2,570
Number of shares held 16,465 128,867,979
Dividend remitted 0.33 2,577.36
Year to which it relates 2008 2007 and 2008

109
Schedules forming part of the Financial Statements (Contd.)

25. Expenditure in foreign currency (on cash basis)

(Rs. in lacs)
2009 2008
Travelling 189.79 102.24
Professional charges 2,667.51 5,192.83
Interest paid 245.73 134.50
Others 3,196.29 1,641.03

26. Receipts in foreign currency (on cash basis)

(Rs. in lacs)
2009 2008
Receipts from customers (against agreements to sell) 9,918,74 12,011.78
Interest from customers (under agreement to sell) 9.44 18.95

27. CIF value of import

(Rs. in lacs)
2009 2008
Material (including material purchased in high seas) 7,268.50 4,312.75

28. Payment to auditors

(Rs. in lacs)
Audit fee 57.29 55.00
Tax audit fee 6.00 6.00
Taxation matters 0.00 6.35
Certification and related matters 4.85 9.85
Others (including IPO and related fees in previous year) 27.91 135.95
Service tax 11.36 6.56
107.41 219.71

29. Details of stocks, purchases and turnover

Land and plots (including development cost)
(Rs. in lacs)
2009 2008
Area Amount Area Amount
(In acres) (Rs. in lacs) (In acres) (Rs. in lacs)
Opening stock 7.59 646.48 8.17 1,252.32
Purchases/ transfer 1.98 199.73 3.02 21.83
Sales 3.10 4,205.39 3.60 73,140.90
Closing stock 6.47 368.43 7.59 646.48

30. Details of Capital work-in-progress as on March 31, 2009

(Rs. in lacs)
2009 2008
Land 121,928.21 128,854.63
Development and construction expenses 27,867.51 38,092.50
Finance charges 15,020.74 11,019.20
Advances to contractors and others 402.24 144.12
Computer softwares – under development / implementation 554.58 68.27
165,773.28 178,178.72

110
31. (a) Wind Mill projects of the Company are entitled for tax holiday under Section 80-IA of the Income
Tax Act, 1961. The computation of tax (current and deferred) has been done as per Accounting
Standard 22 “Accounting for taxes on Income” and Accounting Standard Interpretation 3, issued
by the ICAI.
(b) The Company’s profits from Special Economic Zone (“SEZ”) business are exempt under Section
80-IAB of the Income Tax Act, 1961 and the Dividend declared out of such SEZ profits are exempt
from Dividend Distribution Tax under the provisions of Section 115-O(6) of the Income Tax Act,
1961.
In line with the above provisions, the Company has provided dividend tax only on the proportionate
amount of dividend declared out of non SEZ profits.
32. During the year, the Income tax appellate tribunal disposed off the cases relating to the assessment
years’ 1987-88, 1989-90, 1990-91, 1992-93, 1993-94 and 2001-02 in favour of the Company. No
formal order of the appeal effect has yet been given by the assessing officer. Pending the formal order
from the Income Tax department, no adjustment in respect of the above orders has been made in the
financial statements.
33. 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 identified on the basis of information available with the Company. This has been
relied upon by the auditors.
34. Utilisation of money raised by Public issue (IPO) of the Company upto March 31, 2009
(Rs. in lacs)
S. No Nature of expenditure 2009 2008
1 Acquisition of land and development rights 566,955 566,955
2 Development and construction costs for existing projects 63,625 63,625
3 Prepayment of loans 257,795 257,700
4 Issue related expenses 30,298 30,298
Total 918,673 918,578

Unutilized money from public issue (IPO) - Money remain unutilized ( lying in bank balances –Current
account) Rs. 6.96 lacs. ( Previous year - Rs. 14.80 Lacs )

35. Events after Balance Sheet date

a) Subsequent to the balance sheet date, the Board of Directors approved sale of Wind Power
Business as going concern, on a slump sale basis to “DLF Wind Power Private Limited” (a
wholly – owned subsidiary of the Company), on such terms and conditions and in such form and
manner as the board may decide in the best interest of the Company. No effect has been given
to the proposed sale in these financials statements in the line with the Accounting Standard-4 on
Contingencies and Events Occurring After the Balance Sheet.
b) The Company has entered into a co-developer agreement with DLF Assets Private Limited (the
“DAL” ), an enterprise over which the KMPs are able to exercise significant influence, for the SEZ
Project at Silokhera, Gurgaon. Based upon the revenue recognition policy, as on March 31, 2009
Rs 18,763.13 lacs was the amount due, shown under the unbilled receivables in Schedule 11 –
“Other current assets”, from DAL on account of development charges from such SEZ Project.
However subsequent to the balance sheet date, Rs 18,763.13 lacs has been recovered against
such unbilled receivables.

111
Schedules forming part of the Financial Statements (Contd.)

c) Subsequent to the balance sheet date, on May 6, 2009, the Company received an assessment
order for the AY 2006 – 2007, from the Income tax authorities creating an additional tax demand
amounting to Rs. 48,274.34 lacs on the Company. The Company has filed an appeal against the
order and based on advice from experts, is confident that the additional tax demanded will not be
sustained by the appellate authorities. Pending the order of the appellate authorities, no adjustment
has been made in the current year financial statements for the additional tax so demanded and
the same has been disclosed as a contingent liability.
d) Subsequent to the balance sheet date, the Company bought back 15,000 shares under the buy
back programme. The buy back programme was closed on May 6, 2009 as per the announcement
dated May 1, 2009.
e) Subsequent to the balance sheet date, the SEZ Board of approvals (“BOA”) granted approval
for de-notification of 4 sector specific Special Economic Zones ( the “SEZ”) for IT/ ITES of the
Company in Gandhinagar – Gujarat, Rai, Sonepat – Haryana, Kolkata – West Bengal and
Bhubaneshwar – Orissa. The approval granted is subject to returning all benefits availed by the
Company in these SEZ units. The formal order shall be passed by the Government of India after
receiving the confirmation from the concerned authorities including customs, excise and income
tax that all the benefits availed by the Company have been returned.
Following is an estimate of benefits availed by these units upto the balance sheet date.
(Rs. in lacs)
Sl. No. Location of SEZ unit Amount of benefits availed
1 Gandhinagar, Gujarat 11.04
2 Kolkata, West Bengal 180.63
3 Rai, Sonepat, Haryana 25.93
4 Bhubaneshwar, Orissa Nil

Pending the final order approving the said denotification, no adjustment has been made in the current
year financial statements for the amounts to be returned to the authorities and the same has been
disclosed as a contingent liability.
36. Previous year figures have been regrouped/recast wherever considered necessary to make them
comparable with those of the current year.

On behalf of the Board of Directors

Ramesh Sanka Subhash Setia T.C. Goyal Rajiv Singh
Senior Executive Director Company Secretary Managing Director Vice Chairman
(Finance) and Group Chief
Financial Officer

New Delhi
July 30, 2009

112
 BALANCE SHEET ABSTRACT AND COMPANY'S GENERAL BUSINESS PROFILE

i) Registration details
Registration Number 2484
Balance Sheet Date 31 March, 2009 State Code 05

ii) Capital Raised during the year

(Amount in Rs. Thousands)

Public Issue Nil Right Issue Nil

Bonus Issue Nil Private Placement Nil

iii) Position of Mobilization and Deployment of Funds

(Amount in Rs. Thousands)
Total Liabilities (including shareholding fund) 251,413,496 Total Assets 251,413,496

Sources of Funds
Paid-up Capital 3,394,374 Reserves & Surplus* 120,353,863
Secured Loans 79,799,690 Unsecured Loans 16,350,000
Deferred Tax Liabilities (Net) 583,291 *Inclusive of Revaluation
Reserves 25,008
Application of Funds
Net Fixed Assets 34,732,577 Investments 29,563,150
Net Current Assets 156,185,491 Misc. Expenditure Nil
Accumulated Losses Nil

iv) Performance of Company

(Amount in Rs. Thousands)
Turnover and other Income 38,390,446 Total Expenditure 20,281,764
Turnover 28,278,996
Other Income 10,111,450
Profit before Tax 18,108,682 Profit after Tax 15,498,640
Earnings per shares in Rs. 9.09 Dividend Rate % 100%

v) Generic Names of Three principal Not applicable, since the Company is neither engaged in
products/ services of the Company : manufacturing activities nor in service rendering.

On behalf of the Board of Directors

Ramesh Sanka Subhash Setia T.C. Goyal Rajiv Singh
Senior Executive Director Company Secretary Managing Director Vice Chairman
(Finance) and Group Chief
Financial Officer

New Delhi
July 30, 2009

113
114
Auditors’ Report
To
The Board of Directors of DLF Limited
We have audited the attached consolidated balance
sheet of DLF Limited, its subsidiaries, associates
and joint ventures (as per list appearing in Note 17
on Schedule 24 and hereinafter collectively referred
to as the ‘Group’), as at March 31, 2009 and also
the consolidated profit & loss account and the
consolidated cash flow statement for the year ended
on the date annexed thereto (collectively referred
as the ‘Consolidated Financial Statements’).
These Consolidated Financial Statements are
the responsibility of the management and have
been prepared by the management on the
basis of separate financial statements and other
financial information regarding components. Our
responsibility is to express an opinion on these
Consolidated Financial Statements based on
our audit.
We conducted our audit in accordance with
auditing standards generally accepted in India.
Those standards require that we plan and perform
the audit to obtain reasonable assurance whether
the Consolidated Financial Statements are free
of material misstatement. An audit includes
examining, on a test basis, evidence supporting
the amounts and disclosures in the Consolidated
Financial Statements. An audit also includes
assessing the accounting principles used and
significant estimates made by management, as
well as evaluating the overall financial statement
presentation. We believe that our audit provides a
reasonable basis for our opinion.
We report that;
1. The Consolidated Financial Statements
have been prepared by the management
in accordance with the requirements of
Accounting Standard 21 on ‘Consolidated
Financial Statements’, Accounting Standard
23 on ‘Accounting for Investments in
Associates in Consolidated Financial
Statements’ and Accounting Standard 27
on ‘Financial Reporting of Interests in Joint
Venture’, notified pursuant to the Companies
(Accounting Standards) Rules, 2006.
2. We did not audit the financial statements of
some consolidated entities, whose financial
statements reflect total assets of Rs.
779,575.47 lacs as at March 31, 2009, total
revenues of Rs. 85,188.67 lacs and cash
outflows of Rs.19,315.26 lacs for the year
then ended. These financial statements and
other financial information have been audited
by other auditors whose reports have been
furnished to us and our opinion in respect
thereof is based solely on the reports of such
other auditors’.
3. The Consolidated Financial Statements
include total assets of Rs. 190,585.80 lacs,
revenues of Rs. 40,287.04 lacs and total cash
outflows of Rs. 10,404.82 lacs of Silverlink
Holdings Limited and its subsidiaries
(“Silverlink”), a subsidiary of the Company
which has been consolidated based on the
audited consolidated financial statements
of Silverlink as at and for the year ended
December 31, 2008. No further adjustment
is considered necessary in the Consolidated
Financial Statements as the management has
confirmed that no material event, affecting
the financial position of the subsidiary and its
constituents, has occurred during the period
from January 1, 2009 to March 31, 2009.
4. Without qualifying our opinion, we draw
attention to note no. 19 of Schedule 24 to the
Consolidated Financial Statements, relating
to an observation of the auditors’ of Silverlink
in respect of a legal claim by shareholders for
breach of contract to issue secured redeemable
convertible notes and a previous shareholder
has joined as a third party to the action. As
per the note, there are certain existing and
previous shareholders of the Company who
have ongoing claims against the Company
which include the repurchase of shares
held by the shareholders in the Company in
exchange for secured convertible notes to
be issued by the Company, the entitlement
to appoint Director to the Company’s board,
injunction to restrain the Company from
taking additional secured loans above US$2
115
 million and damages in relation to the above
breaches. Based on the legal advice of the
Company’s legal counsel, the Directors of the
Company are of the view that the Company
has reasonable chance to defend the claims.
Based on current information, the Directors
are not able to quantify the potential financial
impact on the Company should the above
shareholders succeed in their claims against
the Company. No impact of the same has been
considered in these results since the resulting
liability, if any, is considered contingent by
management.
accounting principles generally accepted in
India, in the case of:
(a) the consolidated balance sheet, of the
state of affairs of the Group as at March
31, 2009;
(b) the consolidated profit & loss account, of
the profit for the year ended on that date;
and
(c) the consolidated cash flow statement, of
the cash flows for the year ended on that
date.

Based on our audit and consideration of

reports of other auditors’ on the separate for Walker, Chandiok & Co
financial statements of some consolidated Chartered Accountants
entities and on the other financial information
of the components, and to the best of our by David Jones
information and according to the explanations Partner
given to us, we are of the opinion that the Membership No. 98113
attached Consolidated Financial Statements New Delhi
give a true and fair view in conformity with the July 30, 2009

116
Consolidated Balance Sheet as at March 31, 2009
(Rs. in lacs)
Schedule 2009 2008
SOURCES OF FUNDS
Shareholders’ funds
Capital 1 173,541.94 129,054.15
Reserves and surplus 2 2,241,839.82 1,839,774.12
2,415,381.76 1,968,828.27

Minority interests 63,362.66 38,946.94

Loan funds
Secured loans 3 1,326,231.02 805,339.37
Unsecured loans 4 305,782.28 415,535.35
1,632,013.30 1,220,874.72
Deferred tax liability (net) 5 - 3,589.10
4,110,757.72 3,232,239.03
APPLICATION OF FUNDS
Goodwill 226,508.50 209,306.73

Fixed assets 6
Gross block 848,668.83 516,255.90
Less: Accumulated depreciation and amortisation 57,429.53 34,349.11
Net block 791,239.30 481,906.79
Capital work-in-progress (including capital advances) 568,820.11 518,404.24

Deferred tax asset (net) 5 4,139.12 -

Investments 7 140,249.67 91,020.21

Current assets, loans and advances

Stocks 8 1,092,824.24 945,440.08
Sundry debtors 9 216,482.15 197,799.67
Cash and bank balances 10 119,561.00 214,213.55
Other current assets 11 762,173.69 565,690.86
Loans and advances 12 971,199.46 736,864.02
3,162,240.54 2,660,008.18
Less : Current liabilities and provisions
Current liabilities 13 414,043.61 433,228.50
Provisions 14 368,395.91 295,178.62
782,439.52 728,407.12
Net current assets 2,379,801.02 1,931,601.06
4,110,757.72 3,232,239.03
Significant accounting policies 23
Notes to the consolidated financial statements 24
The schedules referred to above form an integral part of the consolidated financial statements
On behalf of the Board of Directors

Ramesh Sanka Subhash Setia T.C. Goyal Rajiv Singh

Senior Executive Director Company Secretary Managing Director Vice Chairman
(Finance) and Group Chief
Financial Officer
This is the Consolidated Balance Sheet referred to in our report of even date

for Walker, Chandiok & Co

Chartered Accountants
by David Jones
New Delhi Partner
July 30, 2009 Membership No. 98113

117
Consolidated Profit & Loss Account for the year ended March 31, 2009
(Rs. in lacs)
Schedule 2009 2008
INCOME
Sales and other income 15 1,043,135.69 1,468,391.23
1,043,135.69 1,468,391.23
EXPENDITURE
Cost of revenues 16 322,949.48 399,975.65
Establishment expenses 17 45,367.91 29,978.00
Finance charges 18 55,483.69 30,999.98
Other expenses 19 76,219.64 42,289.37
Depreciation, amortisation and impairment 20 23,896.40 9,005.81
523,917.12 512,248.81
Profit before tax and minority interests / share of profit (loss) in associates 519,218.57 956,142.42
Tax expense 21 67,535.89 173,908.73
Profit before minority interests / share of profit (loss) in associates 451,682.68 782,233.69
Share of profit/(loss) in associates (2,110.05) 2,641.23
Minority interests (2,754.13) (3,548.23)
Profit after tax, minority interests and before prior period items 446,818.50 781,326.69
Prior period items
Income tax (net) (598.31) 14.49
Deferred tax - 152.71
Other expenses 720.34 (290.47)
Depreciation 19.44 -
Net profit after tax, minority interest and prior period items 446,959.97 781,203.42
Balance as per last balance sheet 876,600.23 211,616.92
Transfer to share capital account-bonus issue - (7.20)
Transfer to capital reserve (153,852.37) (4,683.34)
Balance available for appropriation 1,169,707.83 988,129.80
APPROPRIATION
Transfer to general reserve 15,477.70 31,100.00
Transfer to capital redemption reserve 741.75 623.75
Proposed/interim dividend on equity/preference shares 34,220.38 68,213.01
Tax on dividend 2,938.21 11,592.81
Excess provision of previous year written back (2,980.54) -
Transfer to debenture redemption reserve 11,316.95 -
Balance carried to reserves and surplus 1,107,993.38 876,600.23
1,169,707.83 988,129.80
EARNINGS PER SHARE 22
Basic earnings per share (Rs.) 26.24 46.98
Diluted earnings per share (Rs.) 26.24 46.90
Significant accounting policies 23
Notes to the consolidated financial statements 24
The schedules referred to above form an integral part of the consolidated financial statements
On behalf of the Board of Directors

Ramesh Sanka Subhash Setia T.C. Goyal Rajiv Singh

Senior Executive Director Company Secretary Managing Director Vice Chairman
(Finance) and Group Chief
Financial Officer
This is the Consolidated Profit & Loss Account referred to in our report of even date

for Walker, Chandiok & Co

Chartered Accountants

by David Jones
New Delhi Partner
July 30, 2009 Membership No. 98113

118
Consolidated Cash Flow Statement for the year ended March 31, 2009
(Rs. in lacs)
Particulars 2009 2008
A. CASH FLOW FROM OPERATING ACTIVITIES
Net profit before taxation, minority interest and after prior period items 519,958.35 955,851.95
Adjustments for:
Depreciation 23,876.96 9,005.81
(Profit) /loss on sale of fixed assets, net 446.99 67.85
Interest/guarantee charges 55,483.69 30,999.98
Provision for doubtful debts and advances 6,323.33 1,758.07
Advances written off 553.50 72.49
Exchange (gain)/loss, net (725.48) 38.63
(Profit)/loss on sale of investments (7,512.51) (1,547.54)
Provision for diminution of current investment 1,189.90 1,701.00
Unclaimed balances and provisions written back (1,196.02) (363.66)
Employee stock option cost 3,786.35 4,179.46
Interest/ dividend income (23,531.16) (21,215.74)
Operating profit before working capital changes 578,653.90 980,548.30
Movements in working capital
Advance for land purchase/development rights (40,323.00) (551,604.00)
(Increase)/decrease in trade and other receivables (293,734.05) (366,870.77)
(Increase)/decrease in inventories (75,252.44) (153,753.62)
Increase/(decrease) in current liabilities and provisions (40,663.58) 95,668.65
Cash generated from/(used) in operations 128,680.83 3,988.56
Direct taxes paid (net of refunds) (111,154.57) (182,079.97)
Net cash generated from/(used) in operating activities (A) 17,526.26 (178,091.41)

B. CASH FLOWS FROM INVESTING ACTIVITIES

Purchase of fixed assets (including capital work-in-progress) (337,831.49) (478,314.37)
Proceeds from sale of fixed assets 12,950.22 1,535.00
Interest/dividend received 10,220.15 19,526.90
Purchase of investments (61,736.43) (164,592.34)
Proceeds from sale of investment 17,386.00 20,424.93
Net cash generated from/(used in) investing activities (B) (359,011.55) (601,419.88)

C. CASH FLOWS FROM FINANCING ACTIVITIES

Proceeds from issue of debentures 184,266.08 -
Proceeds from long-term borrowings 798,961.64 464,183.88
Repayment of long-term borrowings (620,251.92) (574,131.23)
Proceeds from issue of preference shares 44,640.00 -
Proceeds from short term borrowings (net) 48,161.54 341,717.61
Dividend paid (34,333.83) (68,198.21)
Dividend tax paid (2,862.92) (11,590.29)
Increase in share capital - 3,499.63
Share premium received - 943,512.22

119
 (Rs. in lacs)
Particulars 2009 2008
Share issue expenses - (27,436.87)
Buy back of equity shares (14,235.65) -
Interest/guarantee charges paid (160,100.45) (109,466.69)
Net cash generated from financing activities (C) 244,244.49 962,090.05
Net increase/ (decrease) in cash and cash equivalents (A + B + C) (97,240.80) 182,578.76
Cash and cash equivalents at the beginning of the year 206,855.92 24,277.16
Cash and cash equivalents at the end of the year 109,615.12 206,855.92
Net increase/ (decrease) in cash and cash equivalents (97,240.80) 182,578.76
Note
Cash and bank balance (as per Schedule 10 to the financial statements) 119,561.00 214,213.55
Less: Fixed deposit (pledged/under lien/earmarked) 6,054.88 4,381.65
Margin money 3,055.48 2,933.88
Unclaimed dividend 110.04 80.73
Exchange gain/(loss) 725.48 (38.63)
109,615.12 206,855.92

Note : Non cash transactions : Refer note no. 7 of Schedule 24 Notes to consolidated financial statements

On behalf of the Board of Directors

Ramesh Sanka Subhash Setia T.C. Goyal Rajiv Singh

Senior Executive Director Company Secretary Managing Director Vice Chairman
(Finance) and Group Chief
Financial Officer
This is the Consolidated Cash Flow Statement referred to in our report of even date

for Walker, Chandiok & Co

Chartered Accountants

by David Jones
New Delhi Partner
July 30, 2009 Membership No. 98113

120
Schedules forming part of the Consolidated Financial Statements
(Rs. in lacs)
2009 2008
SCHEDULE : 1 SHARE CAPITAL
Authorised
2,497,500,000 ( Previous year 2,497,500,000 ) Equity shares of Rs. 2 each 49,950.00 49,950.00
50,000 (Previous year 50,000 ) Cumulative redeemable preference shares of Rs. 100 each 50.00 50.00
50,000.00 50,000.00
Issued
1,704,832,680 (Previous year 1,704,832,680) equity shares of Rs. 2 each fully paid up 34,096.65 34,096.65

Subscribed and paid

1,704,832,680 (Previous year 1,704,832,680) Equity shares of Rs. 2 each fully paid up 34,096.65 34,096.65
Less : Call-in-arrears 0.44 0.70
Less : Buy back of shares* ( 7,623,567 Equity shares of Rs. 2 each) 152.47 -
Net paid up 1,697,209,113 (previous year 1,704,832,680) equity shares of Rs. 2 each 33,943.74 34,095.95
Preference share capital issued by subsidiary companies
139,598.20 94,958.20
(Refer note no. 21 of Schedule 24 Notes to consolidated financial statements)
173,541.94 129,054.15
*includes 5,000 equity shares extinguished on April 07 , 2009.
(Refer note no. 1 of Schedule 24 Notes to consolidated financial statements)
(Rs. in lacs)
SCHEDULE : 2 RESERVES AND SURPLUS*
Reserves
Capital reserve 167,832.37 12,934.06
Capital redemption reserve* 2,942.51 2,048.29
Amalgamation reserve 74.30 74.30
Share premium 905,083.13 904,988.84

Statutory reserve fund

As per last balance sheet 203.09 203.09
Transfer from profit & loss account 11,316.95 -
Transfer to general reserve (203.09) -
11316.95 203.09
Revaluation reserve 1,591.96 -
Foreign currency translation reserve (3,787.73) (636.15)

General reserve
As per last balance sheet 39,382.00 8,302.26
Transfer from profit & loss Account 15,477.70 31,100.00
Transfer from statutory reserve fund 203.09 -
Buy back of equity shares (premium) (14,083.18) -
Transfer to capital redemption reserve account* (152.47) (20.26)
40,827.14 39,382.00
Employees stock option scheme
Employees stock options outstandings 23,795.94 27,722.17
Less: Deferred employees compensation (15,830.13) (23,542.71)
7,965.81 4,179.46
Surplus
As per profit & loss account 1,107,993.38 876,600.23
2,241,839.82 1,839,774.12
* Refer note no. 2 of Schedule 24 Notes to consolidated financial statements
(Rs. in lacs)
SCHEDULE: 3 SECURED LOANS
Debentures
90 (previous year 90) 10% non - cumulative non-redeemable debentures of Rs. 1,000 each 0.90 0.90
5,000 (previous year nil) 13.70% non-convertible redeemable debentures of Rs. 1,000,000 each 50,000.00 -
redeemable on August 18, 2013

121
Schedules forming part of the Consolidated Financial Statements (Contd...)
(Rs. in lacs)

2009 2008
SCHEDULE: 3 SECURED LOANS (Contd…)
7,200 (previous year nil) 14% non-convertible redeemable debentures of Rs. 1,000,000 each 72,000.00 -
redeemable on February 24, 2014
1,000 (previous year nil) 14% non-convertible redeemable debentures of Rs. 1,000,000 each 10,000.00 -
redeemable on January 03, 2010
132,000.90 0.90
From banks
Term loans 888,292.97 523,656.51
Overdraft facilities 78,224.57 30,063.03
966,517.54 553,719.54
From others
GE Capital Services India 5,150.26 7,155.87
Infrastructure Development Finance Company Limited 15,000.00 15,000.00
IL & FS Trust Company Limited - 25,000.00
Housing Development Finance Corporation Limited 83,200.00 48,200.00
DSP Merrill Lynch Capital Limited - 2,596.54
Axis Bank Limited -Trust Series 123,350.94 129,500.00
Axis Bank Limited -DAS Trust Series - 22,500.00
SREI Infrastructure Finance Limited 562.20 755.53
TML Finance Service Limited 318.90 306.60
Others 130.28 -
227,712.58 251,014.54
Interest accrued and due - 604.39
1,326,231.02 805,339.37
(Refer note no. 3 of Schedule 24 Notes to consolidated financial statements)

(Rs. in lacs)
SCHEDULE: 4 UNSECURED LOANS
Fixed deposits 111.50 0.27
Interest accrued and due 0.72 -
112.22 0.27
Other term loans and advances
Directors - Subsidiary company 15.34 15.34
Banks
Standard Chartered Bank 27,143.42 3,999.01
The Hong Kong Shanghai Banking Corporation Limited 4,380.09 -
Others
Axis Bank Limited (“Trustees”) 50,000.00 140,000.00
Commercial Papers 77,500.00 200,000.00
ICICI Home Finance Company Limited 27,500.00 -
Indian Loan Receivable Trust 15,000.00 -
Other body corporate(s) 18,657.33 32,215.45
Interest accrued and due 2,698.40 2,093.53
Debentures
20,116 (previous year 100) 12.5% compulsory convertible debentures of Rs. 225,000 each 45,261.00 225.00
22,972 (previous year 22,972) 12% compulsory convertible debentures of Rs. 50,000 each 11,486.00 11,486.00
12,821 (previous year 9,573) 12.5% compulsory convertible debentures of Rs. 75,000 each 9,615.75 7,179.75
17,433 (previous year nil) 12.5% compulsory convertible debentures of Rs.27,500 each 4,794.08 -
Debenture application money pending allotment - 18,321.00
From a share holder of a subsidiary company 11,618.65 -
305,782.28 415,535.35
(Refer note no. 4 of Schedule 24 Notes to consolidated financial statements)

122
 (Rs. in lacs)
2009 2008
SCHEDULE : 5 DEFERRED TAX (ASSET)/LIABILITY
Deferred tax liability arising on account of :
Depreciation 7,847.22 5,315.91
Pre-construction period interest allowed in current year 4,381.26 6.09
Others 0.93 24.55
12,229.41 5,346.55
Less
Deferred tax asset arising on account of
Brought forward losses 14,603.10 720.59
Expenditure debited to profit & loss account but allowable
for tax purposes in subsequent years 601.75 300.11
Doubtful debts and advances 280.04 52.87
Employee benefits 855.50 656.08
Others 28.14 27.80
16,368.53 1,757.45
(4,139.12) 3,589.10
Aggregate of net deferred tax liabilities jurisdictions 9186.27 4,852.60
Aggregate of net deferred tax assets jurisdictions (13325.39) (1,263.50)
Net (asset)/liability (4,139.12) 3,589.10

(Rs. in lacs)
Disposals/
SCHEDULE: 6 FIXED ASSETS 2008 Additions 2009
Adjustments
Gross block
Intangible assets
Computer softwares 1,134.98 2,898.99 63.77 3,970.20
Tangible assets
Land
Lease hold 101,267.14 113,895.54 356.76 214,805.92
Free hold 79,253.10 20,603.88 79.16 99,777.82
Buildings 153,235.71 143,265.51 8,059.90 288,441.32
Plant and machinery 154,549.13 50,973.62 5,639.03 199,883.72
Furniture, fixtures and equipments 7,262.54 15,892.08 1,045.96 22,108.66
Air conditioners and coolers 216.01 17.34 26.59 206.76
Vehicles 3,748.74 166.33 123.99 3,791.08
Leasehold improvement 1,529.41 2,452.16 202.91 3,778.66
Aircraft 12,084.64 - 188.84 11,895.80
Leased plant and machinery 1,974.50 - 1,965.61 8.89
Total - Current year 516,255.90 350,165.45 17,752.52 848,668.83
- Previous year 180,438.42 337,751.44 1,933.96 516,255.90

Depreciation and amortisation

Intangible assets
Computer softwares 75.77 467.42 31.78 511.41
Tangible assets
Land-Lease hold 7.51 171.09 - 178.60
Buildings 5,643.46 4,565.63 483.03 9,726.06
Plant and machinery 23,362.52 18,598.48 564.06 41,396.94
Furniture, fixtures and equipments 1,488.59 2,063.63 1,618.85 1,933.37
Air conditioners and coolers 78.47 12.62 14.34 76.75
Vehicles 768.77 375.63 41.01 1,103.39

123
Schedules forming part of the Consolidated Financial Statements (Contd...)
(Rs. in lacs)
Disposals/
SCHEDULE: 6 FIXED ASSETS (Contd...) 2008 Additions 2009
Adjustments
Leasehold improvement 351.26 507.10 108.59 749.77
Aircraft 1,096.08 674.13 19.44 1,750.77
Leased plant and machinery 1,476.68 - 1,474.21 2.47
Total - Current year 34,349.11 27,435.73 4,355.31 57,429.53
- Previous year 24,116.85 10,563.37 331.11 34,349.11
Net block
Intangible assets
Computer softwares 1,059.21 3,458.79
Tangible assets
Land
Lease hold 101,259.63 214,627.32
Free hold 79,253.10 99,777.82
Buildings 147,592.25 278,715.26
Plant and machinery 131,186.61 158,486.78
Furniture, fixtures and equipments 5,773.95 20,175.29
Air conditioners and coolers 137.54 130.01
Vehicles 2,979.97 2,687.69
Leasehold improvement 1,178.15 3,028.89
Aircraft 10,988.56 10,145.03
Leased plant and machinery 497.82 6.42
Total - Current year 481,906.79 791,239.30
- Previous year 156,321.57 481,906.79

(Rs. in lacs)
2009 2008 2009 2008
SCHEDULE : 7 INVESTMENTS Class*
Share (No.) Share (No.) Book value Book value
Long Term
In Shares (Quoted) (Trade)
Symphony International Holding Limited Equity 50,000,000 50,000,000 25,820.00 20,215.00
Akruti City Limited (Formerly Akruti Nirman Limited) Equity 430,621 832,553 2,267.81 4,373.74
Aggregate Book Value of Quoted Investments (Trade) 28,087.81 24,588.74
Aggregate Market Value of Quoted Investments (Trade) 10,661.61 21,262.00
In shares (Unquoted) (Trade)
Ripple Infrastructure Private Limited Equity 90,100 90,100 500.14 500.06
Prudent Management Strategies Private Limited Equity 90,100 90,100 500.14 500.06
SKH Construct Well Private Limited Equity 92,550 92,550 499.77 499.77
SKH Infrastructure Developers Private Limited Equity 92,550 92,550 499.77 499.77
Prefer-
Nachiketa Real Estate Private Limited 12,000 12,000 12.00 12.00
ence
Eigen Technical Services Limited Equity 10,000 - 1.00 -
Mohak Real Estate Private Limited Equity 3,000 3,000 0.30 0.30
Webcity Builders and Developers Private Limited Equity 3,000 3,000 0.30 0.30
Ishayu Builders and Developers Private Limited Equity 4,000 4,000 0.40 0.40
Luxurious Bus Seals Co. Private Limited. Equity 98,250 - 550.20 -
Radiant Sheet Metal Components Private Limited. Equity 98,500 - 650.10 -
Qabil Builders & Constructions Private Limited. Equity 2,000 - 0.20 -
Fadey Builders & Developers Private Limited. Equity 2,000 - 0.20 -
Cadence Builders & Constructions Private Limited. Equity 2,000 - 0.20 -
Felicite Builders & Constructions Private Limited Equity 219,400 - 21.94 -
YG Realty Private Limited. Equity 39,524 - 3.95 -
CCD 3,266,480 - 25,630.10
Alvita Builders & Developers (P) Limited Equity 500 - 0.05 -
Flora Real Estate Private Limited Equity 500 - 0.05 -
Bodrum Demirbuku Equity 125,000 - 149.51 -

124
 (Rs. in lacs)
2009 2008 2009 2008
Class*
Share (No.) Share (No.) Book value Book value

Milos Resort Holdings Limited Equity 1,000 - 0.44 -

Urbana Limited Equity 1,000,000 - 380.64 -
Australian Resort Limited Equity 9,000,002 - - -
D.E. Shaw Composite Fund Equity 4,000,000 - 2,065.60 -
Delmer Builders and Constructions Private Limited Equity - 2,000 - 0.20
Eskana Builders and Developers Private Limited Equity - 2,000 - 0.20
Mughith Real Estates Private Limited Equity - 2,000 - 0.20
Odette Builders and Constructions Private Limited Equity - 2,000 - 0.20
Eldoris Builders and Developers Private Limited Equity - 2,000 - 0.20
Soleil Builders and Constructions Private Limited Equity - 2,000 - 0.20
Fuensanta Builders and Constructions Private
Equity - 2,000 - 0.20
Limited
Berit Builders and Developers Private Limited Equity - 2,000 - 0.20
Manini Real Estates Private Limited Equity - 2,000 - 0.20
Madeira Builders and Constructions Private
Equity - 2,000 - 0.20
Limited
Dominique Builders and Constructions Private
Equity - 2,000 - 0.20
Limited
Ialeta Builders and Constructions Private Limited Equity - 2,000 - 0.20
Montague Builders and Construction Private Limited Equity - 2,000 - 0.20
Prewitt Builders and Construction Private Limited Equity - 2,000 - 0.20
Murdock Builders and Developers Private Limited Equity - 2,000 - 0.20
Muhannad Builders and Developers Private Limited Equity - 2,000 - 0.20
Lioinel Builders and Constructions Private Limited Equity - 2,000 - 0.20
Ciel Builders and Developers Private Limited Equity - 2,000 - 0.20
Nevili Builders and Construction Private Limited Equity - 2,000 - 0.20
Nerice Builders and Developers Private Limited Equity - 2,000 - 0.20
Alankrit Estates Limited Equity - 3 - - **
Anuroop Builders and Developers Private Limited Equity 10,000 10,000 1.00 1.00
Digital Talkies Private Limited Equity 8,850 8,850 88.50 88.50
Prefer-
80,680 80,680 80.68 80.68
ence
Garv Developers Private Limited Equity 10,000 10,000 1.00 1.00
Garv Promoters Private Limited Equity 10,000 10,000 1.00 1.00
Garv Realtors Private Limited Equity 10,000 10,000 1.00 1.00
Grism Builders and Developers Private Limited Equity 10,000 10,000 1.00 1.00
Ivory Consultancy Limited Equity 10,000 80,000 1,000.00 1,000.00
Nairne Builders and Developers Private Limited Equity - 2,000 - 0.20
Kirtimaan Builders Limited Equity 2 2 - ** - **
Luvkush Builders Private Limited Equity 10,000 10,000 1.00 1.00
Nadish Real Estate Private Limited Equity 10,000 10,000 1.00 1.00
Northern India Theaters Private Limited (Rs 100 each) Equity 90 90 0.09 0.09
Peace Buildcon Private Limited Equity 10,000 10,000 1.00 1.00
Realest Builders and Services Private Limited Equity 50,012 50,012 5.03 5.03
Skyrise Home Developers Private Limited Equity 10,000 10,000 1.00 1.00
Ujagar Estates Limited Equity 2 2 - ** - **
Vibodh Developers Private Limited Equity 10,000 10,000 1.00 1.00
Vinesh Home Developers Private Limited Equity 10,000 10,000 1.00 1.00
Vismay Builders and Developers Private Limited Equity 10,000 10,000 1.00 1.00
Bansal Development Company Private Limited Equity 16,320 16,320 1.64 1.64
Magna Real Estate Developers Private Limited Equity 10,000 10,000 1.01 1.01
Prefer-
4,000 4,000 4.03 4.03
ence

125
Schedules forming part of the Consolidated Financial Statements (Contd...)
(Rs. in lacs)
2009 2008 2009 2008
Class*
Share (No.) Share (No.) Book value Book value

Super Mart One Property Management Services

Equity 40,000 40,000 4.03 4.03
Private Limited
Prefer-
3,000 3,000 3.02 3.02
ence
Zeugma Limited Equity - 80 - 0.03
Queensdale Management Limited Equity - 51 - - **
Puri Limited Equity - 10 - - **
Surin Bay Company Limited Equity - 1 - - **
Raititi Lagoon Cruises Equity - 500 - 2.42
Amanresorts Hawali Inc. Equity - 5,000 - 2.00
Urbana Limited Equity - 1,000,000 - 313.82
Maha Holdings Limited Equity - 12,000 - - **
Alevernita Limited Equity - 1,800 - 1.02
DLF City Centre Limited Equity - 2,000 - 0.81
Turan Infratech Private Limited *** Equity 36,000 - 3.60 -
Thalia Infratech Private Limited *** Equity 36,000 - 3.60 -
32,674.23 3,537.02
Less : Provision for diminution in value 169.18 169.18
32,505.05 3,367.84
In Associates (Trade unquoted)
Regional D & R Limited Equity 6 6 - ** - **
Seven Seas Resorts and Leisure Inc Equity 151,600,000 31,914,275 408.99 316.54
Prefer-
188,256,000 55,330,836 507.10 392.51
ence
Islan Aviation Limited Equity 624,930 624,930 7.05 5.45
Revlys SA Equity 160,000 160,000 1,063.27 822.98
Villajena Equity 5,000 5,000 333.25 257.94
Surin Bay Co. Limited Equity 449,999 449,999 5,204.80 3,548.16
P.T. Jawa Express Amanda Indah Equity 9,161 - - -
Turan Infratech Private Limited *** Equity - 108,000 - 10.80
Thalia Infratech Private Limited *** Equity - 108,000 - 10.80
Joyous Housing Limited (Rs 100 each) Equity 37,500 37,500 37.50 37.50
DLF New Gurgaon Homes Developers Private
Equity - 4,900 - 0.49
Limited (till June 30, 2008)
Ferragamo Retail India Private Limited ( formerly
Equity 7,350,000 - 735.00 -
Nelia Retail Private Limited)
Giorgio Armani India Private Limited Equity 2,940,000 - 98.00 -
DLF Pramerica Advisory Services Private Limited Equity 5,850,000 - 585.00 -
Lillion Builders and Developers Private Limited Equity 3,100 3,100 0.31 0.31
Zeus Infrastructure Private Limited Equity 100,000 - 10.00 -
8,990.27 5,403.48
Add / Less: Profit/ (Loss) in Associates 8,278.28 10,694.74
17,268.55 16,098.22

In Investment properties 13,307.00 11,861.56

In Trusts
Belaire Receivables Trust 8,633.31 8,633.31
Zensi Real Estate Trust 9,381.58 4,703.14
18,014.89 13,336.45
In Government Securities
11.83PCT GOI (12NV14) 20,000,000 - 252.24 -
12.25PCT GOI (02JL10) 45,000,000 - 439.54 -
12PCT GOI(21OT11) 200,000,000 - 2,212.71 -
6.05PCT GOI(02FB19) 50,000,000 - 465.16 -

126
 (Rs. in lacs)
2009 2008 2009 2008
Class*
Share (No.) Share (No.) Book value Book value

7.38PCT GOI (03SP15) 1,000,000 - 9.64 -

7.99PCT GOI (09JL17) 50,000,000 - 539.73 -
National Saving Certificate - - 0.51 0.49
3,919.53 0.49
In Treasury Bills
91 DAYS T BILL(01MY09) 20,000,000 - 199.23 -
91 DAYS T BILL(12JU09) 20,000,000 - 198.24 -
91 DAYS T BILL (15MY09) 70,000,000 - 696.24 -
91 DAYS T BILL(24AP09) 45,000,000 - 448.72 -
1,542.43 -
In Infrastructure Bonds
IRFC 8.46PCT LBD (15JN14) SR-63 50,000,000 - 494.51 -
PGCIL 9.20PCT L BD (12MR18)XXIXF 50,000,000 - 500.00 -
POW.FIN.10.75PCT BD(15JL11)SRXLVIII 12,000,000 - 125.28 -
POW.FIN.11.4PCT BD(28NV13)SR52-A 38,000,000 - 415.97 -
POW.FIN.8.7PCT L BD (09JL10)SR53 20,000,000 - 200.00 -
1,735.76 -
In Fixed Deposits
With CITI Bank - 201.00 -
With HDFC Bank - 22.00 -
223.00 -
In Partnership firms
DLF GK Residency 100.00 99.32
DLF Finance Corporation - 0.10
100.00 99.42
Short Term
In Shares (Quoted) (Non-trade) #
Reliance Power Ltd. Equity 228,633 142,896 146.25 454.50
Reliance Industries Ltd. Equity 494 36,883 7.52 835.70
Reliance Communications Ltd. Equity 80,902 80,000 141.45 407.80
GVK Power and Infrastructures Ltd. Equity - 105,000 - 42.10
Reliance Infrastructure Ltd. Equity 254 8,111 1.31 101.50
Adlabs Films Ltd. Equity 115,943 115,943 196.00 711.40
Crompton Greaves Ltd. Equity 2,406 10,000 2.96 27.60
Eastern Silk Industries Ltd. Equity - 7,031 - 11.50
EIH Ltd. Equity 177,681 177,681 153.69 245.60
Ispat Profiles India Ltd. Equity 250 - 0.03 -
Unitech Ltd. Equity 19,500 - 0.03 -
Andhra Cements Ltd. Equity 12 - - ** -
IDBI Bank Ltd Equity - 382,255 - 340.60
Indiabulls Real Estate Ltd. Equity - 20,000 - 97.60
Jaiprakash Associates Ltd. Equity - 50,000 - 113.30
JHS Svendgaard Laboratories Ltd. Equity - 15,000 - 6.10
Jindal Steel & Power Ltd. Equity - 11,050 - 228.75
Larsen & Toubro Ltd. Equity 426 4,000 2.86 121.50
Mphasis Ltd. Equity 683 7,023 1.36 14.25
National Thermal Power Corporation Ltd. Equity 1,509 25,000 2.71 46.81
Orient Abrasives Ltd. Equity 62,000 62,000 4.38 12.98
Petron Engineering Construction Ltd. Equity 5,000 5,000 2.16 11.01
Power Grid Corporation of India Ltd. Equity 1,391 50,000 1.33 49.15
Ranbaxy Laboratories Ltd. Equity - 23,000 - 100.85
Reliance Industrial Infrastructure Ltd. Equity - 4,000 - 36.55
Reliance Petroleum Ltd. Equity - 20,000 - 31.25

127
Schedules forming part of the Consolidated Financial Statements (Contd...)
(Rs. in lacs)
2009 2008 2009 2008
Class*
Share (No.) Share (No.) Book value Book value
Subex Ltd. Equity - 8,000 - 16.15
Videocon Industries Ltd. Equity - 40,000 - 123.10
Axis Bank Ltd. Equity 540 - 2.24 -
Bajaj Auto Ltd. Equity 520 - 3.22 -
Balarampur Chini Mills Ltd. Equity 715 - 0.38 -
Bharat Electronics Ltd. Equity 385 - 3.40 -
Bharat Heavy Electricals Ltd. Equity 303 - 4.56 -
Bharat Petroleum Corporation Ltd. Equity 333 - 1.25 -
Bharti Airtel Ltd. Equity 684 - 4.28 -
Cairn India Ltd. Equity 2,030 - 3.74 -
Century Textiles Ltd. Equity 179 - 0.39 -
Cipla Ltd. Equity 1,230 - 2.70 -
Gail India Ltd. Equity 787 - 1.92 -
Glenmark Pharmacutical Ltd. Equity 213 - 0.33 -
Grasim Industries Ltd. Equity 181 - 2.85 -
HDFC Bank Ltd. Equity 288 - 2.79 -
Hero Honda Motors Ltd. Equity 598 - 6.40 -
Hindustan Unilever Ltd. Equity 1,354 - 3.23 -
ICICI Bank Ltd. Equity 840 - 2.80 -
Indian Oil Corporation Ltd. Equity 311 - 1.20 -
Infosys Technologies Ltd. Equity 306 - 4.05 -
ITC Ltd. Equity 2,611 - 4.83 -
IVRCL Infrastructures & Projects Ltd. Equity 280 - 0.34 -
KEC International Ltd. Equity 262 - 0.40 -
Mahindra & Mahindra Ltd. Equity 395 - 1.51 -
Maruti Suzuki India Ltd. Equity 374 - 2.90 -
Nestle India Ltd. Equity 220 - 3.42 -
Punjab National Bank Equity 781 - 3.21 -
Siemens Ltd. Equity 543 - 1.46 -
State Bank of India Equity 193 - 2.06 -
Steel Authority of India Ltd. Equity 2,850 - 2.75 -
Sterlite Industries India Ltd. Equity 721 - 2.56 -
Sun Pharmacutical Industries Ltd. Equity 275 - 3.06 -
TATA Consultancy Services Ltd. Equity 789 - 4.25 -
TATA Motors Ltd. Equity 749 - 1.35 -
TATA Power Company Ltd. Equity 387 - 2.96 -
TATA Steel Ltd. Equity 1,029 - 2.12 -
Union Bank of India Equity 1,154 - 1.69 -
Voltas Ltd. Equity 712 - 0.33 -
# Valued at lower of cost or market value 756.97 4,187.65
In Mutual fund (Quoted) # #
Reliance Liquid Fund - 1,089.13
Axis Bank Limited - 2,001.98
Birla Sun Life- Mutual Fund 5,071.93 -
DSP Black Rock - Cash Flex Fund 4,518.40 -
SBI Premier -Liquid Fund 1,561.86 -
HDFC-Liquid Fund 96.25 -
Reliance-Liquid Fund 111.14 -
SBI Magnum Insta Cash 120.88 -
Birla Cash Plus 120.88 -
ICICI Pru-Liquid Fund 110.55 -
DSP Merrill Lynch - Cash Plus Fund - 2,506.72
SBI Mutual Fund - Insta Cash Fund - 2.47
Reliance Mutual Fund - 1,614.70

128
 (Rs. in lacs)
2009 2008 2009 2008
Class*
Share (No.) Share (No.) Book value Book value
DSP Merrill Lynch - Super Institutional Cash Plus Fund - 157.65
11,711.89 7,372.65
# # Aggregate market value as on March 31, 2009 Rs. 11,717.91 lacs (Previous year Rs.7,377.08 lacs)
In Mutual fund (Unquoted)
Urban Infrastructure Opportunities Fund 11,069.60 10,100.00
Thai Farmers Bank - Open End Equity (Fixed Inc.) 7.19 7.19
11,076.79 10,107.19
140,249.67 91,020.21
*Equity shares of Rs. 10 each, Preference shares of Rs. 100 each unless otherwise stated.
**Rounded off to ‘zero’
***These entities were associates till January 26, 2009
(Rs. in lacs)

SCHEDULE: 8 STOCKS
Land and plots including related development cost 703,656.70 461,260.97
Development rights: payments under agreement to purchase land/constructed properties 371,749.68 467,781.93
Constructed buildings (including land and related equipments)
Lease hold 3,054.27 3,054.27
Free hold 10,785.05 10,938.26
13,839.32 13,992.53
Less: Depreciation on buildings and related equipments 1,183.73 938.85
12,655.59 13,053.68
Food & beverages 2,218.39 886.30
Stores and spares 2,073.73 2,457.20
Stock in Trade - Retail chain outlets 470.15 -
1,092,824.24 945,440.08
(Rs. in lacs)
SCHEDULE : 9 SUNDRY DEBTORS
(Considered good unless otherwise stated)
Debts over six months
Secured 188.97 356.68
Unsecured 83,645.29 120,888.14
Considered doubtful 13,805.38 10,348.14
97,639.64 131,592.96
Other debts
Secured 2,824.27 981.29
Unsecured Considered Good 129,823.62 75,573.56
Considered doubtful - 376.96
230,287.53 208,524.77
Less: Doubtful and provided for 13,805.38 10,725.10
216,482.15 197,799.67
(Rs. in lacs)
SCHEDULE : 10 CASH AND BANK BALANCES
Cash in hand 372.77 7,160.48
Cheques in hand 966.30 74.11
Bank balances:
With scheduled banks in
Current accounts* 24,150.89 169,689.67
Pledged accounts 462.24 494.93
Fixed deposit accounts
Pledged/under lien/earmarked 6,054.88 4,381.65
Margin money 3,055.48 2,933.88
Others 81,379.24 27,379.97
With non-scheduled banks in current account 3,119.20 2,098.86
119,561.00 214,213.55
* includes unutilised money from public issue Rs.6.96 lacs ( Previous year Rs.14.80 lacs)

129
Schedules forming part of the Consolidated Financial Statements (Contd...)
(Rs. in lacs)
2009 2008

SCHEDULE : 11 OTHER CURRENT ASSETS

Investment in lease (net of unearned finance income Rs. 4,048.80 lacs) 8,430.04 -
Interest accrued
from customers 7,111.17 942.31
from fixed deposits 1,710.75 561.94
on loans and advances 6,918.55 925.21
Unbilled receivable * 738,003.18 563,261.40
762,173.69 565,690.86
* Refer Accounting policy no. 10 of Schedule 23 Significant accounting policies
(Rs. in lacs)
SCHEDULE :12 LOANS AND ADVANCES
(Unsecured, considered good unless otherwise stated)
Advances recoverable in cash or in kind or for value to be received
Secured 2,655.58 1,649.98
Unsecured [including Rs.435.61 lacs (previous year Rs.469.97 lacs) doubtful] 530,366.58 449,227.27
533,022.16 450,877.25
Security deposits 39,367.08 32,624.11
Taxes paid 358,442.15 249,432.63
Forward cover receivable (net) 2,318.74 -
Debenture / share application money 38,484.94 4,400.00
971,635.07 737,333.99
Less: Doubtful and provided for 435.61 469.97
971,199.46 736,864.02
(Rs. in lacs)
SCHEDULE :13 CURRENT LIABILITIES
Sundry creditors 232,489.58 170,463.73
Realisation under agreement to sell 15,366.66 140,825.61
Advance from recreational facility members 9,336.77 9,016.59
Security deposits 48,070.52 34,086.79
Uncashed dividend* 110.04 80.73
Interest accrued but not due on loans 29,529.31 4,453.26
Other liabilities 79,140.73 74,301.79
414,043.61 433,228.50
*Not due for credit to “Investor Education and Protection Fund”
(Rs. in lacs)
SCHEDULE : 14 PROVISIONS
Proposed dividend 33,998.49 34,111.45
Tax on dividend * 2,892.08 5,797.25
Income tax 326,153.79 252,718.37
Employee benefits 5,351.55 2,551.55
368,395.91 295,178.62
* Refer note no. 6(b) of Schedule 24 Notes to consolidated financial statements
(Rs. in lacs)
SCHEDULE : 15 SALES AND OTHER INCOME
a) Sales and other receipts
Sale of land and plots (including sale of development right) 36,368.35 269,603.21
Revenue from constructed properties 417,188.54 531,816.80
Income from development charges 394,465.94 534,498.95
Sale of fitouts under finance lease 9,894.72 -
Rent 50,541.95 28,471.75
Service and maintenance income 31,775.24 22,390.78

130
 (Rs. in lacs)
2009 2008
Revenue from retail chain outlets 150.51 -
Revenue from food court / restaurant business 1,097.45 746.41
Revenue from hotel business 29,962.35 -
Revenue from power generation 25,732.53 12,520.67
Revenue from cable operations - 113.98
Revenue from cinemas operations 1,380.85 1,009.90
Revenue from recreational facility 3,069.61 2,505.84
Revenue from insurance business 1,172.37 -
Revenue from sale of shares - 39,152.14
Amount forfeited on properties 738.27 458.15
1,003,538.68 1,443,288.58
b) Income from investments
Current (Other than trade)
Dividend from mutual funds 868.28 10,505.44
Dividend others 45.87 -
Long Term (Trade)
Dividend 5.62 -
Interest on debentures 22.83 1.28
Profit/(Loss) from partnership firms (1.49) (1.99)
941.11 10,504.73
c) Other income
Interest from:
Bank deposits 2,578.70 2,060.79
Income tax refunds 6.55 -
Customers 9,009.85 1,080.32
Loans and deposits 10,124.82 6,053.44
Others 870.13 1,516.46
22,590.05 10,711.01
Exchange gain/(loss) 725.48 (38.63)
Profit on disposal of fixed assets 55.14 7.14
Income from display of advertisements 519.77 461.03
Unclaimed balances and excess provisions written back 1,196.02 363.66
Profit from sale of investment 8,504.33 1,547.54
Commission 247.45 50.34
Miscellaneous income 4,817.66 1,495.83
38,655.90 14,597.92
1,043,135.69 1,468,391.23
(Rs. in lacs)
SCHEDULE : 16 COST OF REVENUES
Cost of land, plots and constructed properties 182,239.57 243,500.79
Cost of development charges 92,985.48 110,260.00
Cost of development rights sold 1,636.96 23,978.01
Cost of fit outs under finance lease 9,069.57 -
Cost of shares sold - 750.68
Cost of power generation 2,416.92 1,510.76
Food and beverages and facility management expenses - hotel business 8,540.43 -
Consumption of food and beverages - food court and restaurants 250.24 205.55
Cost of goods sold - retail chain outlets 99.85 -
Cost of service and maintenance 23,346.01 17,772.90
Cost of cinema operations 664.94 562.30
Cost of recreational facility 1,432.04 1,434.66
Cost of insurance business 267.47 -
322,949.48 399,975.65

131
Schedules forming part of the Consolidated Financial Statements (Contd.)
(Rs. in lacs)
2009 2008
SCHEDULE : 17 ESTABLISHMENT EXPENSES
Salaries, wages and bonus 39,839.14 24,390.80
Contribution to provident and other funds 948.59 755.10
Amortization of deferred employees compensation 3,786.35 4,179.46
Staff welfare 793.83 652.64
45,367.91 29,978.00

(Rs. in lacs)
SCHEDULE : 18 FINANCE CHARGES
Interest
Fixed periods loans
Debentures 5,757.16 0.09
Others term loans 37,069.61 23,839.10
42,826.77 23,839.19
Others 2,506.80 1,523.67
45,333.57 25,362.86
Guarantee, finance and bank charges 10,150.12 5,637.12
55,483.69 30,999.98

(Rs. in lacs)
SCHEDULE : 19 OTHER EXPENSES
Rent 4,236.52 2,374.36
Rates and taxes 1,553.04 1,836.15
Power, fuel and electricity 2,703.49 316.24
Repair and maintenance
Building 472.58 64.78
Constructed properties/colonies 173.05 53.07
Machinery 1,472.88 1,301.22
Others 2,692.33 1,419.70
Insurance 881.50 219.67
Commission and brokerage 12,152.58 6,903.04
Advertisement and publicity 8,191.19 4,370.89
Travelling and conveyance 2,913.64 2,402.35
Running and maintenance
Vehicle 592.10 428.73
Aircraft 2,956.44 1,456.83
Printing and stationery 950.73 595.91
Directors’ fee 447.03 203.08
Sales promotion 2,051.57 651.22
Communication 1,773.34 727.05
Legal and professional (including audit fees) 13,318.88 9,906.18
Charity and donations 313.73 709.95
Claims paid 530.31 327.08
Loss on disposal of fixed assets 502.13 73.60
Loss on sale of short term investments 991.82 -
Amounts written off 389.58 72.49
Preliminary expenses written off 163.92 1.39
Provision for doubtful debts and advances 6,323.33 1,758.07
Provision for diminution of current investments 1,189.90 1,701.00
Miscellaneous expenses 6,282.03 2,415.32
76,219.64 42,289.37

132
 (Rs. in lacs)
2009 2008
SCHEDULE : 20 DEPRECIATION, AMORTISATION AND IMPAIRMENT
On fixed assets (net of capitalisation) 23,591.24 8,310.59
On current asset 268.32 76.38
On investment properties 36.84 36.84
Impairment of goodwill - 582.00
23,896.40 9,005.81

(Rs. in lacs)
SCHEDULE : 21 PROVISION FOR TAX
Income tax 74,086.78 171,456.94
Deferred tax (7,446.27) 1,755.09
Fringe benefit tax, (net of recovery) 895.38 696.70
67,535.89 173,908.73

(Rs. in lacs)
SCHEDULE : 22 EARNINGS PER SHARE
Profit after tax, minority interest and before prior period items 446,818.50 781,326.69
Prior period items
Income-tax (net) (598.31) 14.49
Depreciation 19.44 -
Deferred tax - 152.71
Other expenses 720.34 (290.47)
446,959.97 781,203.42
Nominal value of equity share (Rs.) 2.00 2.00
Weighted average number of equity shares 1,703,074,486 1,662,676,836
Basic earnings per share (Rs.) (rounded off to two decimal places) 26.24 46.98
Nominal value of equity share (Rs.) 2.00 2.00
Number of equity shares used to compute diluted earning per share 1,703,615,271 1,665,679,771
Diluted earnings per share (Rs.) (rounded off to two decimal places) 26.24 46.90

SCHEDULE: 23 SIGNIFICANT ACCOUNTING POLICIES

1. Nature of operations generally accepted accounting principles

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 identification 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 & recreational activities,
life insurance and retail chain outlets.
2. Basis of accounting
The Consolidated Financial Statements are
prepared under historical cost convention
on an accrual basis, in accordance with the
of 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 (I) (a) of
Section 642 and the relevant provisions of the
Companies Act, 1956 (the ‘Act’).
3. 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 Joint Ventures, as

133
Schedules forming part of the Consolidated Financial Statements (Contd...)
applicable issued by the Institute of Chartered
Accountants of India (‘ICAI’) and notified
pursuant to the Companies (Accounting
Standards) Rules, 2006. The consolidated
financial statements are prepared on the
following basis:
i. Consolidated financial statements
normally include consolidated balance
sheet, consolidated statement of profit
& loss, consolidated statement of cash
flows and notes to the consolidated
financial statements and explanatory
statements that form an integral part
thereof. The consolidated financial
statements are presented, to the extent
possible, in the same format as that
adopted by the parent for standalone
financial statements.
ii. The consolidated financial statements
include the financial statements of the
Company and all its subsidiaries, which
are more than 50 per cent owned or
controlled and partnership firms where
the Company’s share in the profit
sharing ratio is more than 50 per cent
as at March 31, 2009. Investments in
entities that were not more than 50 per
cent owned or controlled and partnership
firms where the profit sharing ratio was
not more than 50 per cent as at March
31, 2009 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 Joint
Ventures, issued by the ICAI and notified
pursuant to the Companies (Accounting
Standards) Rules, 2006, as applicable.
iii. The consolidated financial 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 profits in
134
full. The amounts shown in respect of
reserves comprise the 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.
iv. 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 identified
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 profits
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 financial
statements, such consolidated financial
statements of the associate are used for
the purpose of equity accounting. In other
cases, standalone financial statements
of associates are used for the purpose
of consolidation.
v. Minority interest represents the amount
of equity attributable to minority
shareholders/ partners at the date
on which investment in a subsidiary/
partnership firm 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 firms
over the amount of equity attributable to
the minority on the date of investment is
reflected under Reserves and Surplus.
vi. As per Accounting Standard interpre-
tation (AS)-15 on “Notes to the
 Consolidated Financial Statements”,
only the notes involving items which
are material need to be disclosed.
Materiality for the purpose is assessed
in relation to the information contained
in the consolidated financial statements.
Further, additional statutory information
disclosed in separate financial
statements of the subsidiary and/or a
parent having no bearing on the true and
fair view of the consolidated financial
statements need not be disclosed in the
consolidated financial statements.
4. Use of estimates
The preparation of Consolidated Financial
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 Financial Statements and the
results of operations for 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.
5. Fixed assets, Capital work-in-progress
and depreciation/ amortisation
i) Fixed assets (gross block) are stated
at historical cost less accumulated
depreciation. Cost comprises the
purchase price and any attributable
cost of bringing the asset to its working
condition for its intended use.
Building / specific identifiable portion of
Building, including related equipments
are capitalized when the construction is
substantially complete or upon receipt of
the occupancy certificate, 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 accumu-
lated impairment losses. Revaluations
are performed with sufficient 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
property revaluation reserve.
iii) Capital work-in-progress represents
expenditure incurred in respect of
capital projects under development
and is carried at cost. Cost includes
land, related acquisition expenses,
development / construction costs,
borrowing costs capitalised and other
direct expenditure and advances to
contractors and others.
iv) Depreciation on Fixed assets (including
buildings and related equipment rented
out and included under current assets
as stocks) 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 (as
mentioned below), whichever is higher,
as applicable:
Description Estimated useful
life (years)
Leasehold land Over the effective
life 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
Intangibles – software 3-5
Depreciation in respect of assets
relating to the power generating division
of one of the subsidiary companies of
the Group is provided on the straight
line method in terms of the Electricity
(Supply) Act, 1948 on the basis of
Central Government Notification No.
S.O 266 (E) dated March 29, 1994,
from the year immediately following the
135
Schedules forming part of the Consolidated Financial Statements (Contd...)
year of commissioning of the assets in
accordance with the clarification issued
by the Central Electricity Authority as per
the accounting policy specified under
the Electricity (Supply) Annual Accounts
Rules, 1985.
Depreciation on revalued properties
of certain overseas hotel properties is
charged to profit or loss. On subsequent
sale or retirement of a revalued property,
the attributable revaluation surplus
remaining in the property revaluation
reserve is transferred directly to retained
earnings.
v) Leasehold land under, perpetual lease
are not being amortised. The leasehold
land, other than perpetual lease, are
being amortized over their respective
lease periods.
6. Intangibles
Computer Softwares
Softwares which are not integral part of the
hardware are classified as intangibles and is
stated at cost less accumulated amortisation.
Softwares are amortised over the effective
useful life of five years.
Goodwill
The difference between the cost to the Group
of Investment in Subsidiaries and Joint
Ventures and the proportionate share in the
equity of the investee company as at the date
of acquisition of stake is recognized in the
consolidated financial statements as Goodwill
or Capital Reserve, as the case may be.
7. Investments
Current investments are stated at lower of
cost and fair value. Long-term investments
are stated at cost and provision for diminution
in their value, other than temporary, is made
in the financial statements.
Profit/ loss on sale of investments is
computed with reference to the average cost
of investment.
In respect of Life Insurance business,
investments are made in accordance with the
Insurance Act, 1938 and Insurance Regulatory
& Development Authority (Investment)
136
Regulations, 2000. These Investments are
recorded at cost on date of purchase including
brokerage & statutory levies.
8. Stocks
Stocks 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 realizable 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 cons-
truction 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 identified 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
(Eastern India Powertech Limited),
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.
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 are valued at cost or net
realisable value, whichever is lower.
Cost of inventories is ascertained on
weighted average basis.
ix) Inventories at retail chain outlets are
valued at lower of cost, computed on
a moving weighted average basis and
estimated net realisable value after
providing for cost of obsolescence
& other anticipated losses wherever
considered necessary.
9. Revenue recognition
(i) Revenue from constructed
properties
Revenue from constructed properties
other than SEZ projects is recognised
on the percentage of completion
method. Total sale consideration as per
the duly executed agreement to sell /
application containing salient terms
of agreement to sell, is recognised as
revenue based 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. Project cost includes cost of land,
cost of development rights, 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 such changes are determined.
However, when the total project cost
is estimated to exceed total revenues
from the project, the loss is recognised
immediately.
For SEZ projects, revenue from
development charges is recognised
on the percentage of completion
method in accordance with the terms
of co-developers agreements. The
total development charges as per the
co-developer agreement / MOU, read
with addendum, if any, entered into is
recognised as revenue based on the
percentage of actual project cost incurred
thereon to total estimated project cost
subject to such actual cost incurred
being 30% or more of the total estimated
project cost. The project cost includes
estimated construction and development
cost of such project. Revenue from
lease of land pertaining to such projects
is recognised in accordance with the
terms of the Co-developer agreements
on accrual basis.
(ii) Sale of land and plots
Sale of land and plots (including
development rights) is recognised in the
financial year in which the agreement
to sell / application containing salient
terms of agreement to sell is executed.
Where the Company has any
remaining substantial obligations as per
agreements, revenue is recognised on
‘percentage of completion method’ as
per (i) above.
(iii) Construction contracts (relating to
one of the Joint Ventures)
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 agreement.
b. Revenue from fixed price contract
is recognized under percentage of
completion method. Percentage of
completion method is determined as
a proportion of cost incurred upto the
137
Schedules forming part of the Consolidated Financial Statements (Contd...)
reporting date to the total estimated
contract cost.
(iv) 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 systems
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,
on 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 mill power
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.
(v) 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.
138
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.
(vi) Life Insurance
a. Premium is recognized as income
when due. Unallocated premium on
lapsed policies is not recognized as
income unless reinstated.
b. For linked business, premium
income is recognized when the
associated units are allocated. Top
up premium (i.e. premium paid in
excess of annual target premium as
per policy contract) are recognized
as single premium. Fees on linked
policies including fund charges etc.
are recovered from the linked fund &
recognized in accordance with terms
& conditions of the policies.
c) Premium ceded is accounted at
the time of recognition of premium
income in accordance with treaty
or in principle agreement with the
reinsurers.
(vii) Retail Chain Outlets
Sales are recognized when significant
risks and rewards of ownership of the
goods have passed to the buyer which
coincides with delivery and are recorded
net of trade discounts, rebates and
duties.
(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.
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.
10. Unbilled receivables
Unbilled receivables disclosed under schedule
11 - “Other Current Assets” represents
revenue recognized based on Percentage of
completion method (as per para no. 9(i) and
9(ii) above), over and above the amount due
as per the payment plans agreed with the
customers.
11. 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, construction
materials, which is charged to the profit
& loss account based on the percentage
of revenue recognised as per accounting
policy 9 (i) 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
costs and development/ construction
materials, which is charged to the
profit & loss account based
on the percentage of revenue
recognised as per accounting policy
9(i) 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, which is charged
to the profit & loss account based on
the percentage of land/ plotted area in
respect of which revenue is recognised
as per accounting policy 9 (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 applicable scheme.
12. 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 AS-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 profit &
loss account as incurred.
13. Taxation
Tax expense comprises current, deferred tax
and fringe benefit tax and is determined and
computed at the individual entity level. Current
income-tax and fringe benefit tax is measured
at the amount expected to be paid to the tax
authorities in accordance with the Indian
Income Tax Act, 1961 and in the overseas
139
Schedules forming part of the Consolidated Financial Statements (Contd...)
branches / companies as per the respective
tax laws. Deferred income tax reflects the
impact of current year timing differences
between taxable income and accounting
income for the year and reversal of timing
differences of earlier years. Provision for fringe
benefit tax for the year has been determined
in accordance with the provisions of Section
115 WC of the Income Tax Act, 1961.
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 recognized only to the extent that
there is reasonable certainty that sufficient
future taxable income will be available
against which such deferred tax assets can
be realized. In situations where the Group
entity has unabsorbed depreciation or carry
forward tax losses, deferred tax assets are
recognized only if there is virtual certainty
supposed by convincing evidence that they
can be realized against future taxable profits.
At each balance sheet date, the Group re-
assesses unrecognized deferred tax assets. It
recognizes unrecognized deferred tax assets
to the extent that it has become reasonably
certain, as the case may be, that sufficient
future taxable income will be available
against which such deferred tax assets can
be realized.
14. Lease transactions
a) Where a Group entity is the lessee
Finance Leases, which effectively
transfer to the lessee substantially all the
risks and benefits 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
finance charges and reduction of the
lease liability based on the implicit
140
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
benefits of ownership of the leased
item, are classified as operating leases.
Operating lease payment are recognized
as an expense in the profit & loss
account on straight line basis over the
lease term.
b) Where a Group entity is the lessor
Leases which effectively transfer to the
lessee substantially all the risks and
benefits incidental to ownership of the
leased item are classified and accounted
for as finance lease.
Assets subject to operating leases are
included in fixed assets / current assets/
investment properties. Rent (Lease)
income is recognized in the profit & loss
account on a straight line basis over the
lease term. Costs, including depreciation
are recognized as an expense in the
profit & loss account. Initial direct costs
such as legal costs, brokerage costs etc.
are recognized immediately in the profit
& loss account.
15. 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 at the
year-end exchange rate. Income
and expenditure of the liaison office
at London, is translated at the yearly
average rate of exchange. The exchange
differences arising on such conversion
and on settlement of the transactions
is recognised in the profit and loss
account.
In terms of the notification and further
clarification issued by the Institute of
Chartered Accountants of India for
Accounting Standard – Changes in
Foreign Exchange Rates (AS)-11, the
exchange differences on long term
foreign currency monetary items are
adjusted in the cost of depreciable
capital assets.
16. Employee benefits
Expenses and liabilities in respect of employee
benefits are recorded in accordance with
Revised Accounting Standard 15 - Employee
Benefits (Revised 2005) issued by the
Institute of Chartered Accountants of India
(the “ICAI”).
i) Provident fund
Certain entities of the group make
contributions to a statutory provident
fund trust set up in accordance with the
provisions of the Employees Provident
Fund and Miscellaneous Provision
Act, 1952. In terms of the Guidance on
implementing the revised AS – 15, issued
by the Accounting Standard Board of the
ICAI, the provident fund trust set up by the
Company is treated as a defined benefit
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 recognized
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 defined
contribution plan and contribution paid
or payable is recognized 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 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 is
calculated at or near the balance sheet
141
Schedules forming part of the Consolidated Financial Statements (Contd...)
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 profit & loss account
in the year in which such gains or
losses are determined. For certain
consolidating 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.
vii) Overseas entities
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 benefit 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.
iv) Superannuation benefit
Superannuation is in the nature of
a defined benefit plan. For certain
consolidating entities, contributions
made towards superannuation fund
(funded by payments to Life Insurance
Corporation of India under its Group
Superannuation Scheme) are 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
142
month before the reporting date, over the
exercise price of the shadow option. The
same is charged as employee benefits
over the vesting period, in accordance
with Guidance Note No. 18 “Share
Based Payments”, issued by the ICAI.
vi) Other short term benefits
Expense in respect of other short term
benefits is recognised on the basis of the
amount paid or payable for the period
during which services are rendered by
the employee.
Post employment benefits
• Defined contribution
Payments to defined contribution
retirement benefit plans are charged
as an expense as they fall due.
Payments made to state-managed
retirement benefit schemes, such
as the Singapore Central Provident
Fund, are dealt with as payments
to defined contribution plans where
the Group’s obligations under the
plans are equivalent to those arising
in a defined contribution retirement
benefit plan.
• Defined benefit liability
Management estimates the defined
benefit liability annually. The actual
outcome may vary due to estimation
uncertainties. The estimate of its
defined benefit liability is based on
standard rates of inflation, medical
cost trends and mortality. It also
takes into account the Group’s
specific 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 benefits will be
paid and that have terms to maturity
approximating to the terms of the
related pension liability. Estimation
uncertainties exist particularly with
 regard to medical cost trends, which
may vary significantly in future
appraisals of the Group’s defined
benefit 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.
17. 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 ‘Employees
Stock Option Scheme’ of the parent Company,
and is amortised as ‘Deferred employees
compensation’ on a straight line basis over
the vesting period in accordance with the
SEBI (Employees stock option scheme
and Employees stock purchase scheme)
Guidelines, 1999 and guidance note 18 ‘Share
Based payments’ issued by the “ICAI”.
18. 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 profit & loss account.
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
profit & loss account. 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 profit & loss account.
19. Contingent liabilities and provisions
The Group makes a provision when there is a
present obligation as a result of a past event
where the outflow 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 outflow of
resources or where the same cannot be
reliably estimated, is disclosed as contingent
liabilities in the consolidated Financial
Statements.
20. Earnings per share
Basic earnings per share is calculated
by dividing the net profit 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
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 profit 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.
143
Schedules forming part of the Consolidated Financial Statements (Contd.)
SCHEDULE: 24 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
1. Share capital of the Company
a. Share capital includes:
• 5,877,850 equity shares of Rs. 2 each
(originally 1,175,570 shares of Rs. 10
each) fully paid were allotted pursuant
to a scheme of amalgamation of DLF
United Limited with the Company,
without payment being received in
cash.
• 1,338,603,595 equity shares of
Rs. 2 each fully paid issued as bonus
shares by way of capitalisation of
free reserves and share premium
account.
b. During the year, calls-in-arrears reduced
by Rs. 94.55 lacs, comprising Share
Capital of Rs. 0.26 lacs and Share
Premium of Rs. 94.29 lacs.
c. During the year the Company issued Public
Announcement (PA) and Corrigendum
to PA dated September 30, 2008 and
October 15, 2008 respectively, for buy
back of its shares from the open market at
a price not exceeding Rs. 600 per share
for an aggregate amount not exceeding
Rs. 110,000 lacs. Under the buy back
programme, the Company has bought
back 7,623,567 equity shares till March
31, 2009. Out of the above, 7,618,567
equity shares were extinguished before
March 31, 2009 and the remaining 5,000
shares were extinguished after March 31,
2009.
d. Pursuant to the transactions in (b) & (c)
above, the paid up share capital of the
Company decreased by Rs.152.21 lacs,
during the year.
2. Reserves and Surplus
Pursuant to the above buyback programme,
Capital redemption reserve has been created
out of General reserve for Rs. 152.47 lacs
being the nominal value of shares bought back
under the buyback programme in terms of
144
Section 77AA of the Companies Act, 1956.
3. Secured loans
a. Facilities with banks comprise, term loans
and overdraft facilities which are secured
by equitable mortgages of certain freehold
and leasehold lands/ properties of the
Company/ subsidiary Companies/ sellers
/ lessor , land under agreement to sell
and/ or against future receivables of the
Company / Subsidiary Companies.
b. Loan from others comprise of term loans
from financial institutions which are
secured by equitable mortgages of certain
lands / properties of some subsidiary
entities/associates/group companies and
the receivables and / or against future
receivables of the Company/subsidiary
companies.
c. Loans in respect of aircraft, wind mill
projects, power projects and vehicles
are secured by hypothecation of the
respective assets thus purchased.
d. i) 5000, 13.70% non-convertible
redeemable debentures and 7200,
14% non-convertible redeemable
debentures, issued to the Life
Insurance Corporation of India
are secured by Pari Passu charge
over certain lands/properties of the
company/subsidiary companies.
ii) 1000, 14% non-convertible
redeemable debentures, issued
to Standard Chartered Bank are
secured by a charge over the land of
the company.
4. Unsecured Loans
i) Fixed deposits include unclaimed deposits
amounting to Rs. Nil (previous year
Rs. 0.27 lacs) as the unclaimed deposits
have been credited to ‘Investor Education
and Protection Fund’.
ii) a) 12.50% compulsory convertible
debentures of Rs. 225,000 each are
 convertible into equity shares of under the provisions of Section 115-O(6)
Rs. 10 each on the expiry of 7 years of the Income Tax Act, 1961.
from the date of their respective In line with the above provisions, the
allotment. Company has provided dividend tax only
b) 12% compulsory convertible on the proportionate amount of dividend
debentures of Rs. 50,000 each are declared out of non SEZ profits.
convertible into equity shares of 7. Non cash transactions
Rs. 10 each on the expiry of 6 years
from the date of their respective During the year, the Company converted
allotment. advance of Rs. 15,000 lacs given for land
purchase into a long term investment in DLF
c) 12.50% compulsory convertible Limitless Developers Private Limited, a joint
debentures of Rs. 75,000 each are venture.
convertible into equity shares of
Rs. 10 each on the expiry of 7 years 8. Employee Benefits
from the date of their respective a) Gratuity (Non Funded)
allotment. Amount recognised in the profit & loss account
d) 12.50% compulsory convertible is as under
(Rs. in lacs)
debentures of Rs. 27,500 each are
convertible into equity shares of Description Amount
Rs. 10 each on the expiry of 7 years Current service cost 530.88
from the date of their respective Interest cost 107.35
allotment. Actuarial loss recognised during the year 104.45
742.68
5. A subsidiary of the Company has purchased
land with an obligation to provide built up area Movement in the liability recognised in the
to third parties in consideration of settlement balance sheet is as under:
of disputes, claims, rights and entitlements of (Rs. in lacs)
such parties. As the cost in this respect is not Description Amount
currently ascertainable, no accrual for these Present value of defined benefit obligation 1,412.30
liabilities is considered necessary at present. as at March 31, 2008
Prior period adjustment 0.00
6. a) Wind Mill projects of the Company and Current service cost 597.42
of one of the subsidiary company, are Interest cost 130.21
entitled for tax holiday under Section Actuarial (gain)/ loss recognised during the year 114.30
80-IA of the Income tax Act, 1961. The Benefits paid (412.20)
Present value of defined benefit obligation 1,842.03
computation of tax (current and deferred) as at March 31, 2009
has been done as per Accounting
Standard 22 “Accounting for taxes
on Income” and Accounting Standard b) Gratuity (Funded)
Interpretation 3, issued by the ICAI. (Rs. in lacs)
Changes in Defined Benefit Obligation Amount
b) Profits from Special Economic Zone Present value obligation as at March 31, 2008 85.94
(“SEZ”) business of the Company and Interest cost 10.26
three of subsidiary companies are Past service cost 0.00
exempt under Section 80-IAB of the Current service cost 54.73
Income Tax Act, 1961. The Dividend Benefits paid (10.69)
declared out of such SEZ profits are also Acturial (gains) / losses on obligations 16.70
exempt from Dividend Distribution Tax Present value obligation as at March 31, 2009 156.94

145
Schedules forming part of the Consolidated Financial Statements (Contd.)

(Rs. in lacs)
Current service cost 666.48
Change in Fair Value of Plan Assets Interest cost 94.65
Fair value of Plan assets as at March 31, 2008 67.26
Actuarial loss recognised during the year 209.72
Expected return on plan assets 7.55
Actuarial gain (6.20) Benefits paid (439.38)
Contribution 51.48 Present value of defined benefit
1,546.30
Benefits paid (10.69) obligation as at March 31, 2009
Fair value of Plan assets as at March 31,
109.40 d) Compensated Absences (Funded)
2009 (Rs. in lacs)
Reconciliation of present value of defined
Changes in Defined Benefit
benefit obligation and the fair value of plan Amount
Obligation
assets
Present value obligation as at March 31,
Present value obligation as at March 31, 2009 156.94 105.74
2008
Fair value of plan assets as at March 31, 2009 109.40
Interest cost 7.01
Net asset / (liability) recognized in Balance
(47.54) Past service cost 0.00
Sheet
Current service cost 129.07
Expense recognised in the profit & loss
Benefits paid (42.06)
account
Current service cost 35.67 Acturial (gains) / losses on obligations (4.36)
Past service cost 0.00 Present value obligation as at March 31,
195.40
2009
Interest cost 7.93
Change in Fair Value of Plan Assets Amount
Expected return on plan assets (7.11)
Fair value of Plan assets as at March 31,
Net actuarial (gain)/loss recognised in the year 9.74 0.00
2008
Total expenses recognized in the profit &
46.23 Expected return on plan assets 0.00
loss account
Actuarial gain 0.00
For determination of the gratuity liability of the Contribution 0.00
Company, the following actuarial assumptions Benefits paid 21.87
were used: Fair value of plan assets as at March 31,
0.00
2009
Description Particulars
(Rs. in lacs)
Discount Rate (per annum) 8.00%
Reconciliation of present value of defined
Rate of increase in compensation levels 7.50% benefit obligation and the fair value of Amount
plan assets
c) Compensated absences (non funded) Present value obligation as at March 31,
195.40
2009
Amount recognised in the profit & loss account
Fair value of plan assets as at March 31,
is as under: 0.00
2009
(Rs. in lacs)
Net asset / (liability) recognized in balance
Description Amount (195.40)
sheet
Current service cost 581.51
Expense recognised in the profit &
Interest cost 77.27 loss account
Actuarial loss recognised during the year 222.71
Current service cost 48.46
Capitalized during the year -
Past service cost 3.00
Past service cost (4.73)
876.76 Interest cost 4.17
Expected return on plan assets 0.00
Movement in the liability recognised in the Net actuarial (gain)/loss recognised in the year 13.02
balance sheet is as under: Total expenses recognized in the profit &
68.65
(Rs. in lacs) loss account
Description Amount
Present value of defined benefit
1,014.83
For determination of the liability in respect
obligation as at March 31, 2008 of compensated absences, the following
Prior period adjustment 0.00 actuarial assumptions were used:

146
 Description Particulars DLF New Gurgaon Homes Developers Private
4 Limited
Discount rate (per annum) 8.00%
Ferragamo Retail India Private Limited ( earlier
Rate of increase in compensation levels 7.50% 5 Nelia Retail Private Limited)
6 Giorgio Armani India Private Limited
e) Provident fund 7 DLF Pramerica Advisory Private Limited

Contribution made by the group 8 Regional D & R Limited

companies, to the provident fund trust 9 Seven Seas Resorts and Leisure Inc.
10 Islan Aviation Limited
setup by the Company and to the
11 Revlys SA
Employee Provident Fund Commissioner
12 Villajena
during the year is Rs. 1,318.26 lacs
13 Surin Bay Co. Limited
(previous year Rs. 836.49 lacs).
14 P.T Jawa Express Amanda Indah
Relating to Provident Fund Trust, at the 15 Lillion Builders and Developers Private Limited
year end, no interest shortfall in provident 16 Zeus Infrastructure Private Limited
fund remains unprovided for as there is
surplus in the fund. In the absence of (iii) Key Management Personnel (of the parent Company)
guidance on actuarial valuation of Fund Relatives
Name Designation
liability, which is to be issued by the (Relation)*
Actuarial Society of India, the actuarial Dr. K.P. Ms. Renuka
a) Chairman
valuation liability towards Provident Fund Singh Talwar (Daughter)
is not feasible. Accordingly, other related Mrs. Kavita Singh
disclosures in respect of provident fund Mr. Rajiv (Wife),
b) Vice Chairman
have not been furnished. Singh Ms. Savitri Devi
Singh (Daughter)
9. Related party disclosures Mr. T.C. Managing
c)
Goyal Director
a) Relationship
Ms. Pia Whole-time Mr. Dhiraj Sarna
d)
Singh Director (Husband)
(i) Joint Ventures
Mr. K. Executive Mrs. Veena
1 Delanco Real Estates Private Limited e)
Swarup Director Swaroop (Wife)
2 DLF Laing O' Rourke (India) Limited *Relatives of key management personnel (other than key
3 DLF Limitless Developers Private Limited management personnel themselves) with whom there
were transactions during the year
4 DLF SBPL Developers Private Limited
5 Kujjal Builders Private Limited
(iv) Other enterprises under control of the key
6 Niharika Shopping Mall
management personnel (of parent company)
7 WSP Engineering Services Private Limited and their relatives :
8 Mount Mary Residential Projects 1 A.S.G. Realcon Private Limited
9 GSG DRDL Consortium 2 Adampur Agricultural Farm
3 Adept Real Estate Developers Private Limited
10 DLF SEZ Holdings Limited
4 Aeshya Estates Private Limited
DLF Gayatri Home Developers Private Limited
11 5 AGS Buildtech Private Limited
(formerly Arsh Real Estates Private Limited)
6 Altamount Real Estate Developers Private Limited
Saket Courtyard Hospitality Private Limited
12 7 Angus Builders & Developers Private Limited
( formerly DLF Saket Hotels Private Limited)
8 Antriksh Properties Private Limited
13 Banjara Hills Hyderabad Complex
9 Anubhav Apartments Private Limited
10 Aquarius Builders and Developers Private Limited
(ii) Associates
11 Arihant Housing Company*
1 Joyous Housing Limited 12 Atria Partners
2 Thalia Infratech Private Limited 13 Bansal Development Company Private Limited
3 Turan Infratech Private Limited 14 Belicia Builders & Developers Private Limited

147
Schedules forming part of the Consolidated Financial Statements (Contd.)

15 Beryl Builders & Constructions Private Limited 65 Mallika Housing Company*

Beverly Park Operation and Maintenance 66 Megha Estates Private Limited
16
Services Private Limited 67 Northern India Theatres Private Limited
17 Buland Consultants and Investments Private Limited 68 Pace Financial Services
18 Caraf Builders & Constructions Private Limited 69 Panchsheel Invetsment Company*
Centre Point Property Management Services 70 Panchvati Estates Private Limited
19
Private Limited 71 Parvati Estates Private Limited
20 Ch.Lal Chand Memorial Charitable Trust 72 Pia Pariwar Trust
21 Desent Promoters and Developers Private Limited 73 Plaza Partners
22 Diana Retail Private Limited 74 Power Overseas Private Limited
23 Digital Talkies Private Limited 75 Prem Traders & Investments Private Limited
24 Dilly Builders & Developers Private Limited 76 Prem’s Will Trust
25 Dinky Builders & Developers Private Limited 77 Pushpak Builders and Developers Private Limited
26 DLF Assets Private Limited 78 Pushpavali Builders and Developers Private Limited
DLF Building & Services Private Limited 79 Raghvendra Public Charitable Trust
27
(formerly Nachiketa Real Estates Private Limited) 80 Raisina Agencies and Investments Private Limited
28 DLF Commercial Enterprises 81 Rajdhani Investments and Agencies Private Limited
29 DLF Foundation 82 Realest Builders and Services Private Limited
30 DLF Info City Developers (Chandigarh) Limited 83 Renkon Agencies Private Limited
31 DLF Info City Developers (Kolkata) Limited 84 Renkon Partners
32 DLF Investments Private Limited 85 Renuka Pariwar Trust
DLF M.T.FBD Medical and Commiunity Facility 86 R.R Family Trust
33
Charitable Trust
87 Sagarika Real Estate Developers Private Limited
34 DLF Q.E.C. Educational Charitable Trust
88 Sambhav Housing and Development Company *
35 DLF Q.E.C. Medical Charitable Trust
89 Sanidhya Constructions Private Limited
36 DLF Raghvendra Temple Trust
Savitri Studs and Farming Company Private
DLF SEZ Parks Private Limited (formerly Cian 90
37 Limited
Builders and Developers Private Limited)
91 Sidhant Housing and Development Company *
38 Elanor Builders & Developers Private Limited
92 Singh Family Trust
39 Excel Housing Construction Private Limited
93 Sketch Investment Private Limited
40 Exe. Of The Estate of Lt. Ch. Raghvendra Singh
94 Smt. Savitri Devi Memorial Charitable Trust
41 Exe. Of The Estate of Lt. Smt. Prem Mohini
95 Solace Housing and Construction Private Limited
42 Family Idol Shri Radha Krishan Ji
96 Solange Retail Private Limited
43 Family Idol Shri Shiv Ji
97 Sudarshan Estates Private Limited
44 Galena Builders & Constructions Private Limited
98 Sukh Sansar Housing Private Limited
45 Gangrol Agricultural Farm & Orchard
99 Sukomal Builders and Developers Private Limited
46 General Marketing Corporation
100 Sulekha Builders and Developers Private Limited
47 Glaze Builders and Developers Private Limited
101 Super Mart One Property Management Services Pvt. Ltd.
48 Haryana Electrical Udyog Private Limited
102 Super Mart Two Property Management Services Pvt. Ltd.
49 Herminda Builders & Developers Private Limited
103 Trinity Housing and Construction Company*
50 Hitech Property Developers Private Limited
104 Udyan Housing and Development Company*
51 Indira Trust
105 Ultima Real Estate Developers Private Limited
52 Ishtar Retail Private Limited
106 Universal Management and Sales Private Limited
53 Jhandewalan Ancillaries and Investments Private Limited
107 Upeksha Real Estate Developers Private Limited
54 K. P. Singh HUF
108 Uplift Real Estate Developers Private Limited
55 Kohinoor Real Estates Company *
109 Urva Real Estate Developers Private Limited
56 Krishna Public Charitable Trust
110 Uttam Builders and Developers Private Limited
57 Lal Chand Public Charitable Trust
111 Uttam Real Estates Company*
58 Lion Brand Poultries
112 Vanutsar Properties Private Limited
59 Lyndale Holdings Private Limited
60 Maaji Properties and Development Company* 113 Vishal Foods and Investments Private Limited
61 Macknion Estates Private Limited Windsor Complex Property Management
114
Services Private Limited
62 Madhukar Housing and Development Company *
63 Madhur Housing and Development Company* 115 Yashika Properties and Development Company *
64 Magna Real Estate Developers Private Limited * A private company with unlimited liability.

148
b) The following transactions were carried out with related parties in the ordinary course of
business (Net of Service Tax, if any) (Rs. in lacs)
Key Management Enterprises over which
# Joint ventures and
Description Personnelt (KMP) and KMP is able to exercise
Associates
their relatives significant influence
2009 2008 2009 2008 2009 2008
Interest received 1,528.85 734.94 - - 10.54 3,133.16
Rent and licence fee received 84.62 92.50 - - 100.18 498.85
Directors’ remuneration - - 1,721.95 3,028.53 - -
Expenses recovered 2,080.33 88.42 - - 110.51 250.65
Expenses paid 141.46 115.92 - - 336.52 -
Technical fees and
157.06 224.50 - - - -
Professional charges paid
Payment for construction work 30,082.73 27,834.66 - - - -
Rent paid 15.11 22.68 21.63 18.14 41.97 47.93
Loan taken 320.30 1,456.84 - - - -
Loan refunded 46.75 367.28 - - - -
Interest paid 198.76 113.44 - - 16,045.88 11,696.93
Miscellaneous receipts
21.40 17.10 - - 6.68 64.92
(Income)
Loans and advances given 2,332.39 13,297.00 - - 300.00 -
Loans refunded back 868.00 298.66 - - 300.00 43,423.04
Purchase of investments
20,588.60 22.10 - - - -
(Gross)
Advances given 517.00 2,159.00 - - - -
Share Application money paid 196.00 - - - - -
Advance received under
17,600.00 - - - 22,900.00 82,168.48
agreement to sell
Guarantees given - - - - 80,000.00 -
Sale of constructed properties - - - - 394,465.95 724,309.95
Sale of development rights - 21,761.24 - - - -
Purchase of land and material - - - - 10.94 -
Reimbursement claimed for
- - - - - 10,796.68
material cost
Cancellation of sale of
- - - - - 1,89,811.00
constructed properties

c) Balance at the end of the year

(Rs. In lacs)
Description Key Management Enterprises over which KMP
#Joint ventures and
Personnel (KMP) and is able to exercise significant
Associates
their relatives influence
2009 2008 2009 2008 2009 2008
Investments 36,025.97 21,469.01 - - 85.80 85.80
Share application money 196.00 - - - - -
Earnest money and part payments
under agreement to purchase 901.30 - - - 303.58 228.03
land/ constructed properties
Creditors/Payables 5,967.34 1,184.97 94.94 200.40 3,500.76 20.69
Managerial commission payable - - 825.00 2,050.00 - -
Loans (Liability)-Unsecured Loan 1,765.79 1,334.99 - - - -
Security deposit given - 16.19 - - 5.17 5.11
Advances/Amount recoverable 8,261.48 9,496.90 - - 64,897.12 65,120.80
Expenses recoverable - 1.29 - - - 62.28

149
Schedules forming part of the Consolidated Financial Statements (Contd.)

Description #Joint ventures and Key Management Enterprises over which KMP
Associates Personnel (KMP) and is able to exercise significant
their relatives influence
2009 2008 2009 2008 2009 2008
Guarantees given - - - - 80,000.00 -
Loans and interest receivable 1,830.63 13,579.76 - - - -
Unbilled receivables - - - - 219,986.43 187,753.72
Realisation under agreement to sale - 22,759.00 - - - 16,772.76
# Complete transactions have been reported before inter group elimination.

(Rs. in lacs)
Description Joint Ventures/ Associates
Transactions during the year Name of the entity 2009 2008
Interest received Thalia Infratech Private Limited 1,028.06 540.50
Turan Infratech Private Limited 257.46 132.28
Rent and licence fee received WSP Engineering Services Private Limited 84.62 92.50
Expenses recovered DLF New Gurgaon Homes Developers Private Limited 2,011.47 80.87
Sale of Development rights DLF New Gurgaon Homes Developers Private Limited - 21,761.24
Expenses paid Delanco Real Estate Private Limited 122.80 115.92
Technical Fees & Professional WSP Engineering Services Private Limited 157.06 224.50
Charges paid
Payment for Construction Work DLF Laing O’Rourke (India) Limited 30,082.73 27,834.66
Rent paid DLF Laing O’Rourke (India) Limited 15.11 22.68
Loan taken Delanco Real Estate Private Limited 320.30 1,456.84
Loan refunded Delanco Real Estate Private Limited 46.75 367.28
Interest paid Delanco Real Estate Private Limited 198.76 113.44
Miscellaneous receipts (Income) WSP Engineering Services Private Limited 18.65 17.10
DLF Limitless Developers Private Limited 2.50 -
Loans and advances given Delanco Real Estate Private Limited 501.50 -
Kujjal Builders Private Limited 427.39 -
Ferragamo Retail India Private Limited (earlier Nelia 1,250.00 -
Retail Private Limited)
Thalia Infratech Private Limited - 10,020.00
Turan Infratech Private Limited - 2,475.00
Loans refunded back Ferragamo Retail India Private Limited (earlier Nelia 525.00 -
Retail Private Limited )
Thalia Infratech Private Limited 317.00 -
Delanco Real Estate Private Limited - 298.66
Purchase of investments (Gross) DLF Limitless Developers Private Limited 20,125.00 0.50
Thalia Infratech Private Limited - 10.80
Turan Infratech Private Limited - 10.80
Advances given Joyous Housing Limited {formerly Mangal Shrusti 517.00 2,109.00
Gruh Nirmiti Private Limited}
Share Application money paid Ferragamo Retail India Private Limited (earlier Nelia 196.00 -
Retail Private Limited)
Advance received under agreement DLF New Gurgaon Homes Developers Private Limited 17,600.00 -
to sell

150
 (Rs. In lacs)
Balance at the end of the year Name of the entity 2009 2008
Investments DLF Limitless Developers Private Limited 20,125.00 0.50
Kujjal Builders Private Limited 4,000.00 4,000.00
Surin Bay Co. Limited 5,204.80 3,548.16
Share application money Ferragamo Retail India Private Limited (earlier Nelia 196.00 -
Retail Private Limited )
Earnest money and part payments DLF Laing O’Rourke (India) Limited 901.30 -
under agreement to purchase land/
constructed properties
Creditors/Payables DLF Laing O’Rourke (India) Limited 5,965.62 1,100.98
Loans (Liability)-Unsecured Loan Delanco Real Estate Private Limited 1,767.79 1,334.99
Security deposit given DLF Laing O’Rourke (India) Limited - 16.19
Advances/Amount recoverable Joyous Housing Limited { formerly Mangal Shrusti 7,291.24 6,774.24
Gruh Nirmiti Private Limited }
DLF Limitless Developers Private Limited - 2,562.50
Expenses recoverable DLF Laing O’Rourke (India) Limited - 1.29
Loans and interest receivable Delanco Real Estate Private Limited 1,107.84 -
Kujjal Builders Private Limited 496.57 -
Thalia Infratech Private Limited - 10,438.02
Turan Infratech Private Limited - 2,577.31
Sundry Debtors WSP Engineering Services Private Limited - 2.77
Realisation under agreement to sell DLF New Gurgaon Homes Developers Private Limited - 22,759.00

(Rs. in lacs)
Description Enterprises over which KMP is able to exercise significant influence
Transactions during the year Name of the entity 2009 2008
Interest received DLF Q.E.C. Medical Charitable Trust 10.54 -
DLF Info City Developers (Chandigarh) Limited - 760.60
DLF Info City Developers (Kolkata) Limited - 2,370.27
Rent and licence fee received DLF Assets Private Limited 100.18 498.85
Expenses recovered DLF Assets Private Limited 96.99 177.97
DLF Info City Developers (Kolkata) Limited - 27.50
DLF Commercial Enterprises - 27.77
Expenses paid DLF Assets Private Limited 145.32 -
DLF Q.E.C. Educational Charitable Trust 108.71 -
Pace Financial Services 35.24 -
Rent paid DLF Q.E.C. Medical Charitable Trust 17.51 10.64
DLF Q.E.C. Educational Charitable Trust 13.13 14.19
Realest Builders and Services Private Limited 9.67 9.67
DLF Info City Developers (Kolkata) Limited - 9.97
Interest paid DLF Assets Private Limited 16,046.49 11,696.93
DLF Building & Services Private Limited (formerly
Miscellaneous receipts (Income) 6.68 64.92
Nachiketa Real Estates Private Limited)
Loans and advances given DLF Q.E.C. Medical Charitable Trust 300.00 -
Loans refunded back DLF Q.E.C. Medical Charitable Trust 300.00 -
DLF Info City Developers (Chandigarh) Limited - 9,522.01
DLF Info City Developers (Kolkata) Limited - 33,901.03
Advance received under agreement to
DLF Assets Private Limited 22,900.00 82,168.48
sell
Guarantees given DLF Assets Private Limited 80,000.00 -
Sale of constructed properties DLF Assets Private Limited 394,465.95 534,498.95
Caraf Builders & Constructions Private Limited - 1,89,811.00
DLF Building & Services Private Limited (formerly
Purchase of land & material 10.94 -
Nachiketa Real Estates Private Limited)

151
Schedules forming part of the Consolidated Financial Statements (Contd.)
(Rs. In lacs)
Description Enterprises over which KMP is able to exercise significant influence
Transactions during the year Name of the entity 2009 2008
Reimbursement claimed for material cost DLF Assets Private Limited - 10,796.68
Cancellation of sale of constructed
Caraf Builders & Constructions Private Limited - 1,89,811.00
properties

(Rs. In lacs)
Balance at the end of the year Name of the entity 2009 2008
Investments Digital Talkies Private Limited 80.68 80.68
Earnest money and part payments
DLF Building & Services Private Limited (formerly
under agreement to purchase land/ 269.31 193.76
Nachiketa Real Estates Private Limited)
constructed properties
Creditors/Payables DLF Assets Private Limited 3,374.98 -
DLF Q.E.C. Medical Charitable Trust - 18.24
Security deposit given DLF Q.E.C. Educational Charitable Trust 3.86 3.86
DLF Q.E.C. Medical Charitable Trust 1.25 1.25
Advances/amount recoverable Caraf Builders & Constructions Private Limited 64,760.95 64,689.89
Expenses recoverable DLF Commercial Enterprises - 38.52
Guarantees given DLF Assets Private Limited 80,000.00 -
Sundry debtors DLF Assets Private Limited 266,215.34 21,838.69
Unbilled receivables DLF Assets Private Limited 219,986.43 187,753.72

Realisation under agreement to sell DLF Assets Private Limited - 16,772.76

(Rs. in lacs)
Description Key Management Personnel (KMP) and their relatives
Transactions during the year Name of the Director 2009 2008
Remuneration paid Dr. K.P. Singh 306.52 802.38
Mr. Rajiv Singh 332.30 843.37
Mr. K Swarup 181.14 321.36
Mr. T.C. Goyal 559.42 625.33
Ms. Pia Singh 284.48 401.26

Rent paid Mrs. Veena Swarup 21.63 18.14

Balance at the end of the year

Creditors/ amounts payable Dr. K.P. Singh 7.22 2.96
Mr. Rajiv Singh 10.73 11.41
Ms. Pia Singh 1.99 46.03
Mr. K Swarup 75.00 -
Managerial commission payable Dr. K.P. Singh 250.00 750.00
Mr. Rajiv Singh 250.00 750.00
Mr. T.C. Goyal 225.00 325.00
Ms. Pia Singh 100.00 225.00

10. The Group is primarily engaged in the business of colonisation and real estate development, which as
per accounting standard 17 on ‘Segment Reporting’ is considered to be the only reportable business
segment. The group is primarily operating in India which is considered as a single geographical
segment.

152
11. Information to be disclosed in accordance with AS 19 ‘Leases’, as issued by the ICAI

A. Assets given on lease*

(Rs. in lacs)

Gross Block Depreciation Cumulative

Class of Assets
Depreciation as on
As on March 31, 2009 for the year 2008-09
March 31, 2009
i) Fixed assets

Land & Building including interiors 295,387.88 3,607.92 48,728.25

ii) Current assets

(Constructed buildings including land
and related equipments)
Lease hold 3,054.27 52.12 897.72

Free hold 10,785.05 216.19 286.01

*(includes partly self occupied)

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, 2009 are
(Rs. in lacs)
Amount Amount
Minimum lease payments receivables
March 31, 2009 March 31, 2008
(i) Upto one year 56,962.27 35,868.28
(ii) Two to five years 63,823.50 50,124.17
(iii) More than 5 years 3,668.82 2,670.20
Total 124,454.59 88,662.65

B. Assets taken on lease

i) Operating lease
The minimum operating lease payments for the initial lease period are as under
(Rs. in lacs)
Particulars 2009 2008

Not later than one year 5,003.21 694.37

Later than one year but not later than five years 11,277.36 717.44
Later than five years 3,625.13 Nil
Lease payment made during the year recognized in the statement of profit & loss
2,481.84 1,741.76
account

Sub-lease payment received, recognized in the statement of profit & loss account 399.19 357.34

In respect of DT Cinemas Ltd. ( formerly DLF Services Limited), 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.
The Company sub-leases the areas in the multiplexes for food courts.

153
Schedules forming part of the Consolidated Financial Statements (Contd.)

ii) Finance Lease

The minimum finance lease payments for the initial lease period are as under
(Rs. in lacs)
Particulars 2009 2008
Principal
Not later than one year 970.75 -
Later than one year but not later than five years 5,531.40 -
Later than five years 1,950.62 -
Interest
Not later than one year 1,031.50 -
Later than one year but not later than five years 2,614.27 -
Later than five years 406.38 -

12. Employees 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 the eligible employees of the Company and its subsidiaries. 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 Rs. 2 per share, being its exercise price.
b) As per the Scheme, the remuneration committee has granted options as per details below
Grant Date of Grant No. of options Outstanding options as on March 31, 2009
No. Granted (Net of forfeiture)
I June 27, 2007 37,34,057 31,84,900
II October 10, 2007 3,08,077 2,91,177
III July 01, 2008 16,45,520 15,14,040
IV October 10, 2008 1,60,059 1,57,659

According to the Guidance Note 18 on “Share Based Payments” issued by ICAI, Rs. 3,786.35
lacs have been provided during the year as proportionate cost of these options [including the
proportionate cost of 4,51,226 (net of forfeiture 3,81,559 number of options) committed to be
granted in the future].
c) Outstanding stock options for equity shares of the Company under the “Employees Stock Option
Scheme”
Particulars 2009
Grant Date of Grant Exercise Price Numbers Granted Number of options Total
No. Rs. committed to be granted in
the future
I July 1, 2007 2 31,84,900 2,93,300 34,78,200

II October 10, 2007 2 2,91,177 88,259 3,79,436

III July 01, 2008 2 15,14,040 --- 15,14,040

IV October 10,2008 2 1,57,659 --- 1,57,659

154
 d) In accordance with the guidance note – 18 “Share based payments” the following information
relates to the stock options granted by the Company.
2009
Particulars Stock options Range of Weighted- Weighted-average
(numbers) exercise average remaining
prices exercise prices contractual life
(Rs.) (Rs.) (years)
Outstanding, beginning of the year 49,62,810 2 - -
Granted (Including committed to be 12,76,929 2 2 -
granted in future) during the year
Forfeited during the year 7,10,404 2 2 -
Exercised during the year - - - -
Lapsed during the year - - - -
Outstanding, end of the year 55,29,335 2 2 5.22
Exercisable at the end of the year - - - -

e) The following table summarizes information about stock options outstanding as at March 31,
2009
Options outstanding Options exercisable
Range of Weighted average Weighted
Weighted average
exercise Numbers remaining contractual average exercise Numbers
exercise price
prices (Rs.) life (Years) price (Rs.)
2 55,29,335 5.22 2 - -

The Company has calculated the employee compensation cost using the Intrinsic value of the
stock options. 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 Rs. 428.68 lacs and proforma profit after tax would have been Rs. 447,242.94 lacs
(higher by Rs. 282.97 lacs). On a proforma basis, the basic and diluted earnings per share would
have been Rs. 26.26 and Rs. 26.24 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 1 Grant ll Grant lll Grant IV

Dividend yield (%) 0.28 0.28 0.57 0.73
Expected life (no. of years) 6.50 6.50 5.50 5.50
Risk free interest rate (%) 8.37 8.09 9.46 8.17
Volatility (%) 82.3 82.3 52.16 59.70

13 Cash Settled Options

As per the scheme of Employee shadow / phantom option, 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:-
Block I Block II
End of Year 2 End of Year 4
50% of the total grant 50% of the total grant

155
Schedules forming part of the Consolidated Financial Statements (Contd.)

Details of outstanding options and the expenses recognized under the employee shadow option
scheme is as under :-
No. of shadow
Fair value Total expenses
options Average Liability as on March
Exercise price of shadow charged to Profit and
outstanding as on market price 31, 2009
option Loss Account
March 31, 2009

(No.) Rs./Option Rs./Option Rs./Option Rs. in lacs Rs. in lacs

1,531,493 2 160.30 158.30 1,106.25 1,112.76

14. Investment in Joint Ventures

The interest of the Group in major Joint Ventures is listed below

Sl. Ownership
Joint Venture Location Principal activities
No. interest
1. Niharika Shopping Mall Joint venture Mumbai Development and construction of 50%
shopping mall
2. DLF Laing O’ Rourke (India) Limited Gurgaon Construction 50%

3. Kujjal Builders Private Limited New Delhi Construction and development of 50%
hotels
4. Delanco Real Estate Private Limited New Delhi Real estate consulting and brokerage 50%

5. WSP Engineering Services Private Gurgaon Project management services 50%

Limited ( Till March 30, 2009)
6. Mount Mary Residential Projects Mumbai Development and construction of 50%
residential projects
7. DLF Limitless Developers Private New Delhi Construction and development of 50%
Limited townships
8. GSG DRDL Consortium Hyderabad Development and construction of 50%
shopping malls
9. DLF SEZ Holdings Limited (from New Delhi Construction and development of 50%
August 28, 2008) townships
10. DLF Gayatri Home Developers Private Hyderabad Development and construction of 50%
Limited (formerly Arsh Real Estates residential projects
Private Limited)
11. DLF SBPL Developers Private Limited New Delhi Construction and development of 50%
(formerly Gazit Builders & Developers townships
Private Limited)
12. Saket Courtyard Hospitality Private Gurgaon Hotel operations 50%
Limited (formerly DLF Saket Hotels
Private Limited)
13. Banjara Hills Hyderabad Complex Hyderabad Development and construction of 50%
shopping malls

15. Contingent liabilities not provided for

(Rs. in lacs)
Particulars 2009 2008
a) Guarantees on behalf of third parties 13,180.23 19,131.05
b) Undertaking to buy back preference shares in subsidiary/ associate companies Nil 46,419.36
c) Claims against the Group (including unasserted claims) not acknowledged as debts * 16,347.37 12,814.04

156
 (Rs. in lacs)

Particulars 2009 2008

d) Demand in excess of provisions (pending in appeals):
Income-tax 61,123.49 6,421.21
Other taxes 6,216.90 55.99
e) Letter of credit issued Nil 1,221.62
*Interest on certain claims may be payable as and when the outcome of the related claim is determined and has not been included
above.

(Rs. in lacs)
16. 2009 2008
Capital expenditure commitments 131,278.45 98,215.52

17. Consolidated financial statements comprise the financial statements of DLF Limited and its subsidiaries,
joint ventures and associates as at March 31, 2009 listed below

A) Subsidiaries

(i) Subsidiaries having accounting year ended March 31, 2009 with the percentage of
ownership of DLF Group.

Proportion of
Sl. Country of
Name of Entity ownership (%) as
No. Incorporation
at March 31, 2009
1 Aadarshini Real Estate Developers Private Limited India 100.00
2 Abhiraj Real Estate Private Limited India 100.00
3 Adelie Builders & Developers Private Limited India 100.00
4 Adrienne Builders & Constructions Private Limited India 100.00
5 Alastair Builders & Developers Private Limited India 100.00
6 Alta Builders and Developers Private Limited India 100.00
7 Americus Real Estate Private Limited India 100.00
8 Amishi Builders & Developers Private Limited India 100.00
9 Amoda Builders & Developers Private Limited India 100.00
10 Anjuli Builders & Developers Private Limited India 100.00
11 Annabel Builders & Developers Private Limited India 51.00
12 Bedelia Builders & Constrcutions Private Limited India 100.00
13 Belmount Estate Developers Limited India 100.00
14 Berenice Real Estate Private Limited India 100.00
15 Beverly Park Maintenance Services Limited India 100.00
16 Bhamini Real Estate Developers Private Limited India 90.00
17 Bhoruka Financial Services Limited India 98.71
18 Breeze Constructions Private Limited India 100.00
19 Calantha Builders & Developers Private Limited India 100.00
20 Callista Builders & Constructions Private Limited India 100.00
21 Caressa Builders and Constructions Private Limited India 100.00
22 Catriona Builders & Constructions Private Limited India 100.00
23 Cee Pee Maintenance Services Limited India 100.00

157
Schedules forming part of the Consolidated Financial Statements (Contd.)

Proportion of
Sl. Country of
Name of Entity ownership (%) as
No. Incorporation
at March 31, 2009
24 Chaitra Realty Limited India 63.82
25 Chakrita Real Estate Developers Private Limited India 100.00
26 Chandrajyoti Estate Developers Private Limited India 100.00
27 Comfort Buildcon Private Limited India 100.00
28 Cyrilla Builders & Constructions Limited India 100.00
29 Dalmia Promoters and Developers Private Limited India 100.00
Dankuni World City Limited (Formerly Brisa Builders & Developers Private
30 India 100.00
Limited)
31 Delanco Home & Resorts Private Limited India 90.00
32 Delanco Realtors Private Limited India 90.00
33 Deltaland Buildcon Private Limited India 90.00
34 Dhoomketu Builders & Developers Private Limited India 100.00
35 Diwakar Estates Limited India 100.00
36 DLF Akruti Info Parks (Pune) Limited India 67.00
37 DLF Aspinwal Hotels Private Limited India 100.00
38 DLF Business Hotels Venture Private Limited India 100.00
39 DLF City Centre Limited India 100.00
40 DLF Cochin Hotels Private Limited India 100.00
41 DLF Comfort Hotels Private Limited India 100.00
42 DLF Commercial Complexes Limited India 100.00
43 DLF Commercial Developers Limited India 100.00
44 DLF Cyber City Developers Limited India 100.00
45 DLF Developers Limited (formerly Gandhari Estate Developers Limited) India 100.00
46 DLF Emporio Restaurants Limited India 100.00
47 DLF Estate Developers Limited India 100.00
48 DLF Estates (Delhi) Private Limited (formerly BES Buildcon Private Limited) India 100.00
49 DLF Financial Services Limited India 100.00
50 DLF Finvest Limited (formerly DLF Info City Developers (Noida) Limited) India 100.00
DLF Food Courts Private Limited (Formerly DLF Minor Food Courts
51 India 100.00
Private Limited)
DLF Garden City Indore Private Limited (Formerly Ayushi Builders &
52 India 51.00
Developers Private Limited)
53 DLF Golf Resort Limited India 100.00
54 DLF Green Power Private Limited India 100.00
55 DLF Haryana SEZ (Ambala) Limited India 90.00
56 DLF Haryana SEZ (Gurgaon) Limited India 90.00
57 DLF Hilton Hotels (Mysore) Private Limited India 74.00
58 DLF Hilton Hotels Limited (Formerly DLF Hotels & Resorts Limited ) India 74.00
59 DLF Home Developers Limited India 100.00
DLF Home Durgapur Private Limited (Formerly Logas Real Estate
60 India 100.00
Developers Private Limited)
DLF Homes Ambala Private Limited(formerly Nabhoj Builders &
61 India 100.00
Developers Private Limited)

158
 Proportion of
Sl . Country of
Name of Entity ownership (%) as
No. Incorporation
at March 31, 2009
DLF Homes Goa Private Limited (formerly Saravati Builders &
62 India 100.00
Constructions Private Limited)
DLF Homes Kokapet Private Limited (formerly Kanan Real Estate Private
63 India 100.00
Limited)
DLF Homes Panchkula Private Limited (Formerly Hina Buildcon Private
64 India 51.00
Limited)
DLF Homes Pune Private Limited (Formerly DLF Homes Indore Private
65 India 100.00
Limited)
DLF Homes Rajapura Private Limited (Formerly Muafa Real Estate Private
66 India 51.00
Limited)
DLF Homes Services Private Limited (Formerly Aedos Realtors Private
67 India 100.00
Limited)
68 DLF Hospitality and Recreational Limited India 100.00
69 DLF Hotel Holdings Limited India 100.00
70 DLF Hotels & Apartments Private Limited India 100.00
71 DLF Housing and Construction Limited India 100.00
72 DLF Info City Developers (Bangalore) Limited India 100.00
73 DLF Info City Developers (Chennai) Limited India 100.00
74 DLF Info City Developers (Hyderabad) Limited India 100.00
75 DLF Info Park Developers (Chennai) Limited India 100.00
76 DLF Infra Holdings Limited India 100.00
77 DLF Inns Limited India 100.00
78 DLF Jaipur Convention Center Private Limited India 100.00
79 DLF Land Limited India 100.00
80 DLF Luxury Hotels Limited India 100.00
81 DLF Metro Limited India 100.00
82 DLF New Delhi Convention Centre Limited India 100.00
83 DLF New Gurgaon Homes Developers Private Limited India 82.72
DLF New Gurgaon Offices Developers Private Limited (Formerly Nevina
84 India 100.00
Builders & Developers Private Limited)
85 DLF New Gurgaon Retail Developers Private Limited India 100.00
86 DLF Phase-IV Commercial Developers Limited India 100.00
87 DLF Pleasure Hotels Private Limited India 100.00
88 DLF Pramerica Life Insurance Company Limited India 74.00
DLF Premuim Homes Private Limited (formerly Lennox Builders &
89 India 100.00
Developers Private Limited)
DLF Projects Limited (formerly Capucine Builders and Construction
90 India 100.00
Limited)
91 DLF Property Developers Limited India 100.00
92 DLF Real Estate Builders Limited India 100.00
93 DLF Recreational Foundation Limited India 85.00
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 Brands Private Limited (formerly DLF Retail Brands Private Limited) India 100.00

159
Schedules forming part of the Consolidated Financial Statements (Contd.)

Proportion of
Sl . Country of
Name of Entity ownership (%) as
No. Incorporation
at March 31, 2009
98 DLF Retail Developers Limited India 100.00
99 DLF Retail Services Limited India 100.00
100 DLF Service Apartments Limited India 100.00
101 DLF Services Limited (formerly DLF Info City Developers (Gujarat) Limited) India 100.00
102 DLF SEZ Developers Limited India 100.00
103 DLF Sikkim Hotels Private Limited India 100.00
104 DLF Southcourt Hotels Private Limited India 100.00
DLF Southern Homes Private Limited (Formerly Carmen Builders &
105 India 51.00
Constructions Private Limited)
DLF Southern Towns Private Limited (Formerly Prateep Estate Private
106 India 51.00
Limited)
DLF Telecom Limited (Formerly Bhuvaneshwar IT Park Developers
107 India 100.00
Limited)
DLF Universal Limited (Formerly Dominga Builders & Constructions
108 India 100.00
Private Limited)
109 DLF Utilities Limited (Formerly Nilgiri Cultivations Private Limited) India 100.00
110 DT Cinemas Limited (formerly DLF Services Limited) India 100.00
111 Eastern India Powertech Limited (formerly DLF Power Limited) India 100.00
112 Edward Keventer (Successors) Private Limited India 100.00
113 Eila Builders & Developers Private Limited India 100.00
114 Enki Retail Private Limited (formerly Enki Buildwell Private Limited) India 100.00
115 Eros Retail Private Limited (formerly Eros Buildtek Private Limited) India 100.00
116 Falguni Builders Private Limited India 100.00
117 Gajjala Constructions Private Limited India 100.00
118 Gajjala Ram Reddy Private Limited India 100.00
119 Galaxy Mercantiles Limited India 71.00
120 Galleria Property Management Services Private Limited India 72.22
121 Ganesar Ginning Company Private Limited India 100.00
122 Ganika Builders Private Limited India 100.00
123 Gavin Builders & Developers Private Limited India 100.00
Geocities Airport Infrastructures Private Limited (Formerly Linette Builders
124 India 100.00
& Constructions Private Limited)
125 GGR Properties Private Limited India 100.00
126 GMR Constructions Private Limited India 100.00
127 Grandbay Estate Developers Limited India 100.00
128 GSR Properties Private Limited India 100.00
129 Guardian International Private Limited India 89.33
130 Gulika Home Developers Private Limited India 100.00
131 GVR Properties Private Limited India 100.00
132 Gyan Real Estate Developers Private Limited India 100.00
133 Harini Resorts & Properties Private Limited India 100.00
134 Heritage Resorts Private Limited India 53.96
135 Highvalue Builders Private Limited India 100.00

160
 Proportion of
Sl . Country of
Name of Entity ownership (%) as
No. Incorporation
at March 31, 2009
136 Irama Estates Private Limited India 100.00
137 Isabel Builders & Developers Private Limited India 80.00
138 Jai Luxmi Real Estate Private Limited India 85.00
139 Janya Estate Developers Private Limited India 100.00
140 Jawala Real Estate Private Limited India 100.00
141 K G Infrastructure Private Limited India 100.00
142 Kairav Real Estate Private Limited India 100.00
143 Kapo Retail Private Limited India 100.00
144 Laman Real Estates Private Limited India 82.72
145 Lawanda Builders & Developers Private Limited India 100.00
146 Leandra Builders & Developers Private Limited India 100.00
147 Lifestyle Homes Private Limited India 100.00
148 Lodhi Property Company Limited (Formerly Hotel Scopevista Limited) India 89.33
149 Mens Buildcon Private Limited India 100.00
150 Mhaya Buildcon Private Limited India 100.00
151 Monroe Builders & Developers Private Limited India 100.00
152 Mouna Constructions Private Limited India 100.00
153 Mouna Estates Private Limited India 100.00
154 Mouna Properties Private Limited India 100.00
155 Nambi Buildwell Private Limited India 100.00
156 Necia Builders & Developers Private Limited India 100.00
157 Nellis Builders & Developers Private Limited India 100.00
158 NewGen MedWorld Hospitals Limited India 100.00
159 Nilayam Builders and Developers Limited India 100.00
160 Paliwal Developers Limited India 100.00
161 Paliwal Real Estate Private Limited India 100.00
162 Pat Infrastructures Private Limited India 100.00
163 Pee Tee Property Management Services Limited India 100.00
164 Prompt Real Estate Private Limited India 100.00
165 Rati Infratech Private Limited India 100.00
166 Regency Park Property Management Services Private Limited India 62.19
167 Richmond Park Property Management Services Limited India 100.00
Riveria Commercial Developers Limited (formerly Riveria Info City
168 India 100.00
Developers Limited)
169 Rod Retail Private Limited India 100.00
170 Samali Builders & Developers Private Limited India 100.00
171 Sandesh Constructions Private Limited India 100.00
172 Sandesh Estates Private Limited India 100.00
173 Shivajimarg Properties Limited India 100.00
174 Silver Oaks Property Management Services Limited India 100.00
175 Solid Buildcon Private Limited India 100.00
176 Springhills Infratech Private Limited (formerly Mariana Buildwell Private Limited) India 100.00
177 Sunbreeze Estate Developers Limited India 100.00
178 Sunlight Promoters Private Limited India 100.00
179 Urvasi Infratech Private Limited India 100.00
180 Valini Builders & Developers Private Limited India 65.00
181 Var Infratech Private Limited India 100.00
182 Venezia Estate Developers Limited India 100.00
Vkarma Capital Investment Management Company Private Limited
183 India 100.00
(Formerly Muawiyah Builders & Developers Private Limited)

161
Schedules forming part of the Consolidated Financial Statements (Contd.)

Proportion of
Sl. Country of
Name of Entity ownership (%) as
No. Incorporation
at March 31, 2009
Vkarma Capital Trustee Company Private Limited (Formerly Kundalika
184 India 100.00
Builders & Developers Private Limited)
185 VSK Investment & Finance Limited India 100.00
186 Zola Real Estate Private Limited India 100.00
187 Zoria Infratech Private Limited India 100.00
188 DLF Airport Hotels Private Limited +++ India 100.00
189 DLF Budget Venture Hotels Private Limited +++ India 100.00
190 DLF Conventions and Hotels Private Limited +++ India 100.00
191 DLF Deluxe Hotels Private Limited +++ India 100.00
192 DLF Exhibition Center Private Limited +++ India 100.00
193 DLF Exotica Hotels Private Limited +++ India 100.00
194 DLF Hotel Venture Private Limited +++ India 100.00
195 DLF Jaipur Hotels Private Limited +++ India 100.00
196 DLF Leisure & Entertainment Private Limited +++ India 100.00
197 DLF Minor Restaurants Private Limited +++ India 100.00
198 DLF Mumbai Hotels Private Limited +++ India 100.00
199 DLF Rohini Hotels Private Limited +++ India 100.00

+++ Relevant documents filed with Registrar of Companies for striking of names under Section 560 of Companies Act, 1956.

ii) The accounting year for the below entities being the calendar year, their financial statements as
at December 31, 2008 have been considered for consolidation in these Consolidated Financial
Statements. Further, no adjustment is considered necessary in the Consolidated Financial
Statements for the period from January 1, 2009 to March 31, 2009, as the management believes
that no material event, affecting the financial position of the subsidiary and its constituents, has
occurred during this period.

Proportion of
Sl. Country of
Name of Entity ownership (%) as
No. Incorporation
at March 31, 2009
Amancruises (2006) Company Limited (formerly General Facilities
1 Thailand 89.93
Company Limited)
2 Amancruises Company Limited Thailand 89.93
3 Amankila Resorts Limited British Virgin Islands 89.93
4 Amanproducts Limited British Virgin Islands 89.93
5 Amanresorts B.V. Netherlands 89.93
6 Amanresorts International Private Limited Singapore 89.93
7 Amanresorts IPR B.V. Netherlands 89.93
8 Amanresorts Limited Hong Kong 89.93
9 Amanresorts Mangement B.V. Netherlands 89.93
10 Amanresorts Services Limited British Virgin Islands 89.93
11 Amanresorts Technical Services B.V. Netherlands 89.93
12 Andaman Development Company Limited Thailand 89.93
13 Andaman Holdings Limited British Virgin Islands 89.93
14 Andaman Resorts Co. Limited Thailand 89.93
15 Andaman Thai Holding Co. Limited Thailand 89.93
16 Aradal Company N.V. Netherlands 89.93
17 ARL Marketing Inc. USA 89.93
18 ARL Marketing Limited (formerly Amanmalaysia Limited) British Virgin Islands 89.93
19 Balina Pansea Company Limited British Virgin Islands 89.93
20 Barbados Holdings Limited British Virgin Islands 89.93

162
 Proportion of
Sl. Country of
Name of Entity ownership (%) as
No. Incorporation
at March 31, 2009
21 Bhosphorous Investments Limited British Virgin Islands 89.93
22 Bhutan Hotels Limited British Virgin Islands 89.93
23 Bodrum Development Limited British Virgin Islands 89.93
24 Butan Resorts Private Limited Bhutan 53.96
25 Ceylon Holdings B.V. Netherlands 89.93
26 Columbo Resort Holdings N.V. Netherlands 89.93
27 Current Finance Limited British Virgin Islands 89.93
28 Forgiant Agents Limited British Virgin Islands 89.93
29 Goyo Services Limited British Virgin Islands 53.96
30 Gulliver Enterprises Limited British Virgin Islands 53.96
31 Hotel Finance International Limited British Virgin Islands 89.93
32 Jackson Hole Holdings Limited British Virgin Islands 89.93
33 Jalisco Holdings Private Limited Singapore 89.93
34 L P Hospitality Company Limited Lao PDR 89.93
35 Lao Holdings Limited British Virgin Islands 89.93
36 Le Savoy Limited British Virgin Islands 72.84
37 Marrakech Investments Limited British Virgin Islands 89.93
38 Naman Consultants Limited British Virgin Islands 45.86
39 NOH (Hotel) Private Limited Sri Lanka 45.86
40 Nusantara Island Resorts Limited British Virgin Islands 53.96
41 P.T. Amanresorts Indonesia Indonesia 89.93
42 P.T. Amanusa Resort Indonesia Indonesia 53.96
43 P.T. Indrakila Villatama Development Indonesia 53.96
44 P.T. Moyo Safari Abadi Indonesia 48.56
45 P.T. Nusantara Island Resorts Indonesia 53.96
46 P.T. Tirta Villa Ayu Indonesia 44.97
47 P.T. Villa Ayu Indonesia 53.96
48 Palawan Holdings Limited British Virgin Islands 89.93
49 Phraya Riverside (Bangkok) Company Limited Thailand 89.93
50 Princiere Resorts Limited Cambodia 89.93
51 Regent Asset Finance Limited British Virgin Islands 89.93
52 Regional Design and Research B.V. Netherlands 53.96
53 Regional Design and Research N.V. Netherlands 53.96
54 Serendib Holdings B.V. Netherlands 89.93
55 Silver – Two (Bangkok) Company Limited Thailand 89.93
56 Silverlink (Mauritius) Limited Mauritius 89.93
57 Silverlink (Thailand) Company Limited Thailand 89.93
58 Silverlink Holdings Limited British Virgin Islands 89.93
59 Societe Nouvelle de L’Hotel Bora Bora France 89.93
60 Tahitian Resorts Limited British Virgin Islands 89.93
61 Tangalle Property (Private) Limted Sri Lanka 45.86
62 Toscano Holdings Limited British Virgin Islands 89.93

163
Schedules forming part of the Consolidated Financial Statements (Contd.)

Proportion of
Sl. Country of
Name of Entity ownership (%) as
No. Incorporation
at March 31, 2009
63 DLF City Centre Limited Cyprus 100.00
64 Gainway Group Limited* British Virgin Islands 89.93
65 New Montana Limited* British Virgin Islands 53.96
66 Ecotech Ventures Limited* Kenya 53.96
67 Dutch Lanka Properties Pte Ltd* Sri Lanka 53.96
68 Queensdale Management Ltd* British Virgin Islands 45.86
69 Zeugma Limited* British Virgin Islands 71.94
70 Alvernia Limited Cyprus 100.00
71 Argent Holdings Limited British Virgin Islands 91.77
72 ASL Management (Palau) Limited Palau 89.93
73 City Icon Limited Cyprus 100.00
74 DLF Global Hospitality Limited Cyprus 100.00
DLF International Holdings Pte Limited (formerly DLF Trust Holdings Pte
75 Singapore 100.00
Limited)
76 DLF International Hospitality Corp British Virgin Islands 100.00
77 DLF Trust Management Pte Limited Singapore 100.00
78 Fonton Limited (from April 4, 2008) British Virgin Islands 100.00
79 Forerum Group Limited British Virgin Islands 89.93
80 Hospitality Tradings Limited British Virgin Islands 89.93
81 Hotel Sales Service Limited British Virgin Islands 89.93
82 Hotel Sales Service Private Limited Sri Lanka 89.93
United States of
83 Incan Valley Holdings Limited 89.93
America
84 Mulvey B.V (from May 14, 2008) Netherland 89.93
85 Mulvey Venice Sri Italy 44.97
86 Overseas Hotels Private Limited British Virgin Islands 100.00
87 Puri Limited British Virgin Islands 89.93
88 Red Acres Development Limited British Virgin Islands 100.00
89 Regent Land Limited Cambodia 44.07
90 Sinonet Holding Limited British Virgin Islands 100.00
91 Universal Hospitality Limited British Virgin Islands 100.00
92 Villajena Development Company Limited British Virgin Islands 89.93
* These subsidiaries do not form part of the consolidation as they are immaterial to the Group.

B. Partnership firms
Proportion of
Sl. Country of
Name of Partnership firm ownership(%) as at
No. Incorporation
March 31, 2009
1 DLF Commercial Projects Corporation India 100.00
2 DLF Office Developers India 85.00
3 DLF South Point India 100.00
4 Kavicon Partners India 100.00
5 Rational Builders and Developers India 90.00

164
 Proportion of
Sl. Country of
Name of Partnership firm ownership(%) as at
No. Incorporation
March 31, 2009
6 DLF Property Developers* India 100.00
7 DLF Recreational Foundation* India 100.00
8 DLF City Centre* India 100.00
9 DLF Residential Builders* India 100.00
10 DLF Residential Developers* India 100.00
11 DLF Residential Partners* India 100.00
12 Real Estate Builders* India 100.00

*During the year converted from partnership firm to Limited company under part IX of the Companies Act, 1956. Proportion of
ownership mentioned above are on the date of conversion.

C. Joint ventures

Proportion of
Sl. Country of
Name of Joint venture ownership (%) as at
No. Incorporation
March 31, 2009
1 Delanco Real Estate Private Limited India 50.00
2 DLF Laing O’Rourke (India) Limited. India 50.00
3 DLF Limitless Developers Private Limited India 50.00
DLF SBPL Developer Private Limited (formerly Gazit Builders and
4 India 50.00
Developers Private Limited )
5 Kujjal Builders Private Limited India 50.00
6 Niharika Shopping Mall India 50.00
7 WSP Engineering Services Private Limited ( Till March 30 ,2009) India 50.00*
8 GSG DRDL Consortium India 50.00
9 DLF SEZ Holdings Limited India 50.00
DLF Gayatri Home Developers Private Limited (formerly Arsh Real
10 India 50.00
Estates Private Limited)
11 Mount Mary Residential Project India 50.00
Saket Courtyard Hospitality Private Limited (formerly DLF Saket Hotels
12 India 50.00
Private Limited)
13 Banjara Hills Hyderabad Complex India 50.00
* Till March 30, 2009.

D. Associates

Sl. Name of Associates Country of Proportion of

No. Incorporation ownership (%) as
at March 31, 2009
Joyous Housing Limited { formerly Mangal Shrusti Gruh Nirmiti Private
1 India 37.50
Limited }
2 Thalia Infratech Private Limited (Till January 26, 2009) India 45.00*
3 Turan Infratech Private Limited (Till January 26, 2009) India 45.00*
DLF New Gurgaon Homes Developers Private Limited (formerly Caitlin
4 India 49.00
Builders & Developers Private Limited)
Ferragamo Retail India Private Limited (earlier Nelia Retail Private
5 Limited) India 49.00

165
Schedules forming part of the Consolidated Financial Statements (Contd.)

Sl. Name of Associates Country of Proportion of

No. Incorporation ownership (%) as
at March 31, 2009
6 Giorgio Armani India Private Limited India 49.00
7 DLF Pramerica Advisory Private Limited India 39.00
8 Regional D & R Limited U.K 50.00
9 Seven Seas Resorts and Leisure Inc. Phillippines 21.00
10 Islan Aviation Limited Phillippines 21.00
11 Revlys SA Moracco 50.00
12 Villajena Moracco 50.00
13 Surin Bay Co. Limited Thailand 25.00
14 P.T Jawa Express Amanda Indah Indonesia 50.00
15 Lillion Builders and Developers Private Limited +++ India 19.28
16 Zeus Infrastructure Private Limited India 33.33

* Till January 26, 2009.

+++ Relevant documents filed with Registrar of Companies for striking of names under Section 560 of the Companies Act, 1956.

18. During the year March 31, 2009 certain blocks of shuttering & generators forming part of plant
& machinery in one of joint venture company, namely DLF Laing”O” Rourke (India) Limited were
impaired by Rs. 1,709.02 lacs on account of the economic downturn affecting the future outflows.The
impairment loss is based on a value in use considering a pre tax discount rate 12%.

19. The auditors of Silverlink Holding Limited, have given an observation in respect of a legal claim by
shareholders for breach of contract to issue secured redeemable convertible notes and a previous
shareholder has joined as a third party to the action. There are certain existing shareholders of the
Silverlink Holding Limited (Silverlink), have ongoing claims against Silverlink, which include the
repurchase of shares held by the shareholders in Silverlink in exchange for secured convertible notes
to be issued by Silverlink, the entitlement to appoint a Director to Silverlink’s board, injunction to
restrain Silverlink from taking additional secured loans above US$2million and damages in relation to
the above breaches. Based on legal advice of Silverlink’s legal counsel, the Directors are of the view
that Silverlink has reasonable chance to defend the claims. Based on current information, the Directors
are not able to quantify the potential financial impact on Silverlink, should the above shareholders
succeed in their claims against Silverlink.

20. Amalgamation / Merger of subsidiaries

a) During the year, a Petition for Amalgamation has been filed before the Hon’ble Delhi High Court
on December 12, 2008 for amalgamating DLF Real Estates Ltd.; DLF Info City Developers (Goa)
Ltd.; DLF Info City Developers (Vadodara) Ltd.; DLF Info City Developers (Delhi) Ltd.; DLF Info City
Developers (Gandhinagar) Ltd.; DLF Info City Developers (Mumbai) Ltd.; DLF Info City Developers
(Ahmedabad) Ltd.; Parkridge Info City Developers Ltd.; Udipti Estate Developers Ltd. & DLF SEZ
Developers (Amritsar) Ltd. with DLF Commercial Developers Limited (subsidiary), the transferee
company. The Hon’ble High Court has approved / sanctioned the Scheme of amalgamation vide
its order dated March 19, 2009, which was filed with the Registrar of Companies, NCT of Delhi
& Haryana on March 30, 2009, thereby making the scheme of amalgamation effective from the
appointed date i.e. April 1, 2008. Accordingly financials of these companies are merged with the
financials of DLF Commercial Developers Limited to effect the merger. All transferor companies
and the transferee company are subsidiaries of DLF Limited.

166
b) The following subsidiary companies have also filed amalgamation petitions as per under-noted
details before the Hon’ble High Court of Delhi and Hon’ble High Court of Punjab & Haryana
at Chandigarh as per applicable jurisdiction. The order for sanction of the scheme from the
respective High Courts are awaited and hence, no effect thereto has been given in consolidated
financial statement.

Date of Board
Appointed /
Meeting
Sl. Name of Transferee Transfer Date as
Name of Transferor Companies approving the
No. Company per the Scheme
Scheme of
of Amalgamation
Amalgamation*

DLF Info City Developers (Hyderabad)

DLF Commercial Ltd.; DLF Info City Developers (Bangalore)
Developers Limited Ltd.; Grandbay Estate Developers Ltd.;
Sunbreeze Estate Developers Ltd.;
(Wholly owned subsidiary Belmount Estate Developers Ltd.; Venezia
(i) company of DLF Limited) Estate Developers Ltd. & DLF Green Power March 25, 2009 April 1, 2008
Pvt. Ltd.

(All companies are wholly owned subsidiary

company of DLF Commercial Developers
Limited)

Necia Builders & Developers Pvt. Ltd.; PAT

Infrastructures Pvt. Ltd.; Adrienne Builders
& Constructions Pvt. Ltd.; DLF Food Courts
Pvt. Ltd.; DLF Retail Services Ltd.; DLF
DLF Retail Developers Commercial Complexes Ltd.; Callista
Limited Builders & Constructions Pvt. Ltd.; Gavin
(ii) Builders & Developers Pvt. Ltd.; Alastair May 13, 2009 April 1, 2008
(Wholly owned subsidiary Builders & Developers Pvt. Ltd.; Amoda
company of DLF Limited) Builders & Developers Pvt. Ltd. and Leandra
Builders & Developers Pvt. Ltd.

(All companies are wholly owned subsidiary

company of DLF Retail Developers Limited)

Irama Estates Pvt. Ltd. & DLF Estates

DLF Home Developers
(Delhi) Pvt. Ltd. (formerly Bes Buildcon
Limited
Pvt. Ltd.)
(iii) May 14, 2009 April 1, 2008
(Wholly owned subsidiary
(All companies are wholly owned subsidiary
company of DLF Limited)
company of DLF Home Developers Limited)

DLF Real Estate Builders

(iv) VSK Investment & Finance Ltd. May 18, 2009 January 1, 2009
Limited

DLF Residential Partners Chakrita Real Estate Developers Private

(v) July 23, 2009 September 1, 2008
Limited Limited

*In view of above mentioned proposed mergers, as per the approval granted by Board of Directors of respective companies, the
interest on inter-company loans between transferor and transferee company has not been charged w.e.f. Appointed / Transfer Date,
in accordance with the Scheme of Amalgamation as given above.

167
Schedules forming part of the Consolidated Financial Statements (Contd.)

21. Details of preference shares issued by subsidiary companies:

(Rs. in lacs)
Sl.
Name of subsidiary company 2009 2008
No..
1 Shivaji Marg Properties Limited (See Note 1 below)
4,80,00,000 (previous year 4,80,00,000) Preference Shares of Rs.100 each fully 48,000.00 48,000.00
paid up
2 Galaxy Mercantiles Limited (See Note 2 below)
12,00,000 (previous year 12,00,000) 0.5% Cumulative Redeemable Preference
shares of Rs. 100 each fully paid up *
1,200.00 1,200.00
*Preference shares shall be redeemed at a premium of Rs. 450 per preference
share out of the profits of the company from the end of the 3rd year of the
development completion date.
3 Regency Park Property Management Services Limited

100 (previous year 100) 12% Non Cumulative Redeemable Preference shares of
0.10 0.10
Rs. 100 each fully paid up (Redeemable on or before December 11, 2022)

4,000 (previous year 4,000) 9% Non Cumulative Redeemable Preference shares of

4.00 4.00
Rs. 100 each fully paid up (Redeemable on or before January 22, 2023)
4 Galleria Property Management Services Limited

100 (previous year 100) 12% Non Cumulative Redeemable Preference shares of
0.10 0.10
Rs. 100 each fully paid (Redeemable on or before December 11, 2022)

4,000 (previous year 4,000) 9% Non Cumulative Redeemable Preference shares of

4.00 4.00
Rs. 100 each fully paid (Redeemable on or before January 22, 2023)
5 DLF Southern Homes Private Limited (formerly Carmen Builders and
Construction Private Limited)

4,57,50,000 (previous year 4,57,50,000) Non Convertible Non Cumulative 0.01%

Redeemable Preference Shares of Rs. 100 each fully paid up 45,750.00 45,750.00
(Redeemable at a premium of Rs. 46.57 per share on March 10, 2010)
6 DLF New Gurgaon Home Developers Private Limited (See Note 3 below)
2,232,000 Cumulative Redeemable ‘A’ Preference shares of Rs.100 each fully paid 2232.00 –
(Redeemable at a premium of Rs. 28.28 per share on December 16, 2009)
42,408,000 Cumulative Redeemable ‘B’ Preference shares of Rs.100 each fully paid
42,408.00 –
(Redeemable at a premium of Rs. 27.41 per share on December 16, 2009)

1,39,598.20 94,958.20

Notes

1) DLF Limited has entered into a put option agreement dated January 23, 2007 with Lehman Brothers Asia Limited and IDBI
Trusteeship Services Limited against the subscription agreement for issue of 48,000,000 non convertible non-cumulative preference
shares at a price of Rs.100 each to secure the performance on the preference shares issued by Shivaji Marg Properties Limited.
2) Galaxy Mercantiles Limited had issued 1,200,000 0.5% Cumulative Redeemable Preference Shares of Rs.100 each amounting
to Rs.12 Crores on which cumulative dividend of Rs. 43.55 lacs (Previous year Rs.10.68 lacs) is provided as at March 31, 2009
3) DLF Limited, DLF Cyber City Developers Limited and Western India Trustee and Executor Company has entered into a contribution
agreement dated December 04, 2006, with IDBI Trusteeship Services Limited, to secure the obligation of New Gurgaon Home
Developers Private Limited, under the subscription agreement dated December 05, 2006 and December 12, 2006 for the issue of
44,640,000 Cumulative 0.5% Redeemable Preference shares of Rs. 100 each.

168
22. Utilisation of funds received through Initial Public Offer (IPO) uptil March 31, 2009

(Rs. in Lacs)
Sl.No. Nature of expenditure 2009 2008
1 Acquisition of land and development rights 566,955 566,955
2 Development and construction costs for existing projects 63,625 63,625
3 Prepayment of loans 2,57,795 257,700
4 Issue related expenses 30,298 30,298
Total 918,673 918,578

Unutilized IPO Money- Money remain unutilized as on March 31,2009 (lying in bank balances–Current account) Rs. 6.96 lacs.
(Previous year - Rs. 14.80 lacs)

23. a) The Group uses forward contracts and swaps to hedge its risks associated with fluctuations 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 fixes 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, 2009:
(Rs. in Lacs)
For hedging any risks 2009 2008
Secured Loans 109,080.21 105,945.83
Interest on secured loans 191.70 153.93
Unsecured loans 20,059.99 3,999.01
Interest on unsecured loans 305.57 0.88

b) The detail of foreign currency exposure that are not hedged by derivative instrument or other wise
included in the creditors is as mentioned below:-
(Rs. in Lacs)
2009 2008
INR USD* INR USD
Secured loans 10,013.75 196.54 – –
Interest on secured loans 41.93 0.82 – –
Unsecured loans 5,463.53 (**) – –
Interest on unsecured loans 59.47 (***) – –

(** $ 38.47 lacs and JPY 6,745.50 lacs)

(*** $ 0.35 lacs and JPY 80.40 lacs)
*Conversion rate applied 1 USD = Rs.50.95, 1 JPY = Rs.0.5187

24. During the year, the Income Tax Appellate Tribunal disposed off the cases relating to the assessment
years’ 1987-88, 1989- 90, 1990-91, 1992-93, 1993-94 and 2001-02 in favour of the Company. No
formal order of the appeal effect has yet been given by the assessing officer. Pending the formal order
from the income tax department, no adjustment in respect of the above orders has been made in the
financial statements.

169
Schedules forming part of the Consolidated Financial Statements (Contd.)

25. Events after the Balance sheet date

a) Subsequent to the balance sheet date, the Board of Directors approved sale of Wind Power
Business as going concern, on a slump sale basis to “DLF Wind Power Private Limited” (a
wholly – owned subsidiary of the Company), on such terms and conditions and in such form and
manner as the Board may decide in the best interest of the Company. No effect has been given
to the proposed sale in these financials statements in line with the Accounting Standard-4 on
“Contingencies and Events Occurring After the Balance Sheet date.”
b) Subsequent to the balance sheet date, the Board of Directors of one subsidiary company namely
DLF Home Developers Limited, approved sale of Wind Power Business as going concern, on
a slump sale basis to “DHDL Wind Power Private Limited” (a wholly-owned subsidiary of DLF
Home Developers Limited), on such terms and conditions and in such form and manner as the
Board may decide in the best interest of the Company . No effect has been given in theses
financial statements of the proposed sale in line with the Accounting Standard – 4 “Contingencies
and Events Occurring after the Balance Sheet date”.
c) The Company and 3 of its subsidiary companies have entered into a co-developer agreement
with DLF Assets Private Limited (the “DAL” ), an enterprise over which the KMPs are able to
exercise significant influence, for 4 SEZ Projects. Based upon the revenue recognition policy,
as on March 31, 2009, Rs 438,871.85 lacs was due, shown under the unbilled receivables, from
DAL on account of development charges from such SEZ Projects. Subsequent to year-end, Rs
204,264.18 lacs have been recovered against such unbilled receivables.
d) Subsequent to the balance sheet date, on May 6, 2009, the Company received an assessment
order for the AY 2006 – 2007 from the Income tax authorities creating an additional tax demand
amounting to Rs. 48,274.34 lacs on the Company. The Company has filed an appeal against
the order and based on advise from experts, is confident that the additional tax demanded will
not be sustained by the appellate authorities. Pending the order of the appellate authorities,
no adjustment has been made in the current year financial statements for the additional tax so
demanded and the same has been disclosed as a contingent liability.
e) Subsequent to the balance sheet date, the Company bought back 15,000 shares under the buy
back programme. The buy back programme was closed on May 6, 2009 as per the announcement
dated May 1, 2009.
f) Subsequent to the balance sheet date, the SEZ Board of approvals (“BOA”) granted approval
for de-notification of 4 sector specific Special Economic Zones (the “SEZ”) for IT/ ITES of the
Company in Gandhinagar – Gujarat, Rai, Sonepat – Haryana, Kolkata – West Bengal and
Bhubaneshwar – Orissa. The approval granted is subject to returning all benefits availed by the
Company in these SEZ units. The formal order shall be passed by the Government of India after
receiving the confirmation from the concerned authorities including customs, excise and income
tax that all the benefits availed by the Company have been returned.
Following is an estimate of benefits availed by these units upto the balance sheet date.
(Rs. in lacs)
Sl. No. Location of SEZ unit Amount of benefits availed
1 Gandhinagar, Gujarat 11.04
2 Kolkata, West Bengal 180.63
3 Rai, Sonepat, Haryana 25.93
4 Bhubaneshwar, Orissa Nil

170
 Pending the final order approving the said denotification, no adjustment has been made in these
financial statements for the amounts to be returned to the authorities and the same has instead
been disclosed as a contingent liability.

g) Subsequent to the balance sheet date, the company / subsidiary companies have sold their total
investment in following Subsidiaries/Associates / Joint ventures.

Subsidiary / Joint Venture Proportionate of Ownership

Name of the Company
/ Associate (%) as on March 31, 2009
Chaitra Realty Limited Subsidiary 63.82
Niharika Shopping Centre Jointly Control Operation 50
Sandesh Estates Private Limited Subsidiary 100
Gajjala Ram Reddy Properties Private Limited Subsidiary 100
Mouna Estates Private Limited Subsidiary 100
Sandesh Constructions Private Limited Subsidiary 100
G.V.R. Properties Private Limited Subsidiary 100
Mouna Properties Private Limited Subsidiary 100
G.S.R. Properties Private Limited Subsidiary 100
Gajjala Constructions Private Limited Subsidiary 100
Life Style Homes Private Limited Subsidiary 100
GMR Constructions Private Limited Subsidiary 100
Harini Resorts & Properties Private Limited Subsidiary 100
GGR Properties Private Limited Subsidiary 100
Mouna Constructions Private Limited Subsidiary 100

26. Previous year figures have been regrouped/ recast wherever considered necessary to make them
comparable with those for the current year.

On behalf of the Board of Directors

Ramesh Sanka Subhash Setia T.C. Goyal Rajiv Singh

Sr. Executive Director Company Secretary Managing Director Vice Chairman
(Finance) & Group
Chief Financial Officer

New Delhi
July 30, 2009

171
172
 (Rs. in lacs)
(a) (b) (c) (d) (e) (f) (g) (h) (i) (j)
Reserves
and Surplus Total Assets Details of
Total
(adjusted for (Fixed Investments Turnover
Financial Liabilities Profit (Loss) Profit
Sl. debit balance Assets + (except (including Provision Proposed
Name of the Company year ended Capital (Loans + before (Loss) After
No. in Profit & Investments in case of Other for Taxation Dividend
on Current Taxation Taxation
Loss Account +Current investments in Income)
Liabilities)
where Assets) subsidiaries)
applicable)

1 Aadarshini Real Estate

31-3-2009 5.00 (1.24) 4.17 0.40 1.00 NIL (0.80) NIL (0.80) NIL
Developers Private Limited
2 Abhiraj Real Estate Private
31-3-2009 5.00 (89.53) 695.18 779.71 NIL NIL (86.43) NIL (86.43) NIL
Limited
3 Adelie Builders & Developers
31-3-2009 1.00 (0.80) 4,545.79 4,545.59 NIL 0.13 (0.63) (0.18) (0.45) NIL
Private Limited
4 Adrienne Builders &
Constructions Private 31-3-2009 5.00 (31.50) 256.21 282.72 NIL NIL (0.82) NIL (0.82) NIL
Limited@
5 Alastair Builders & Developers
31-3-2009 5.00 885.02 2,397.43 1,507.41 NIL 21.89 (26.79) 8.77 (35.56) NIL
Private Limited@
6 Alta Builders & Developers
31-3-2009 1.00 (0.51) 0.55 0.06 NIL NIL (0.35) NIL (0.35) NIL
Private Limited
7 Amishi Builders & Developers
31-3-2009 5.00 (241.10) 938.19 1,174.28 NIL NIL (126.24) NIL (126.24) NIL
Private Limited
8 Amoda Builders & Developers
31-3-2009 5.00 881.88 2,391.86 1,504.98 NIL 21.96 (24.30) 14.21 (38.50) NIL
Private Limited@
9 Americus Real Estate Private
31-3-2009 1.00 (0.57) 1.55 1.12 NIL NIL (0.41) NIL (0.41) NIL
Limited
10 Anjuli Builders & Developers
31-3-2009 1.00 (260.31) 800.11 1,059.43 NIL NIL (120.40) NIL (120.40) NIL
Private Limited
11 Annabel Builders &
31-3-2009 1.00 1.49 5,605.13 5,602.64 NIL 7,098.97 1.92 0.63 1.30 NIL
Developers Private Limited
12 Belmount Estate Developers
31-3-2009 5.00 (351.36) 9,314.37 9,660.73 NIL 0.08 (0.84) NIL (0.84) NIL
Limited@
13 Berenice Real Estate
31-3-2009 1.00 (0.51) 0.55 0.06 NIL NIL (0.35) NIL (0.35) NIL
Developers Private Limited
14 Beverly Park Maintenance
31-3-2009 5.00 (922.27) 60,875.71 61,792.98 NIL 122.20 (687.16) (3.50) (683.66) NIL
Services Limited
15 Bhamini Real Estate
31-3-2009 1.00 (22.06) 2,308.39 2,329.45 NIL NIL (31.54) (9.73) (21.80) NIL
Developers Private Limited
16 Bhoruka Financial Services
31-3-2009 20.14 880.75 4,923.32 4,022.43 NIL 262.60 (623.65) NIL (623.65) NIL
Limited
17 Calantha Builders &
31-3-2009 5.00 (965.04) 7,723.60 8,683.65 NIL NIL (964.41) NIL (964.41) NIL
Developers Private Limited
18 Callista Builders &
Constructions Private 31-3-2009 5.00 898.72 2,487.32 1,583.61 NIL 19.42 (11.58) 10.63 (22.21) NIL
Limited@
173
 Details of Subsidiary Companies
174
(Rs. in lacs)
(a) (b) (c) (d) (e) (f) (g) (h) (i) (j)
Reserves
Details of
and Surplus Total Assets
Total Investments
(adjusted for (Fixed Turnover
Financial Liabilities (except Profit (Loss) Profit
Sl. debit balance Assets + (including Provision Proposed
Name of the Company year ended Capital (Loans + in case of before (Loss) After
No. in Profit & Investments Other for Taxation Dividend
on Current investments Taxation Taxation
Loss Account +Current Income)
Liabilities) in
where Assets)
subsidiaries)
applicable)

19 Caressa Builders &

31-3-2009 6.00 (1.07) 5.50 0.57 NIL NIL (0.62) NIL (0.62) NIL
Constructions Private Limited
20 Catriona Builders &
31-3-2009 26.00 966.03 1,000.30 8.27 NIL NIL (4.33) NIL (4.33) NIL
Constructions Private Limited
21 Cee Pee Maintenance
31-3-2009 7.00 (73.21) 8.49 74.70 6.00 NIL (1.04) NIL (1.04) NIL
Services Limited
22
Chaitra Realty Limited 31-3-2009 6.00 30.76 15,638.40 15,601.63 1,000.00 663.75 12.97 5.08 7.89 NIL

23 Chakrita Real Estate

31-3-2009 5.00 (683.27) 5,476.92 6,155.19 NIL NIL (682.76) 0.03 (682.79) NIL
Developers Private Limited@
24 Chandrojyoti Estate
31-3-2009 5.00 (478.34) 1,531.14 2,004.47 NIL 0.72 (222.14) NIL (222.14) NIL
Developers Private Limited
25 Comfort Buildcon Private
31-3-2009 5.00 (73.10) 18.59 86.69 NIL 0.21 (0.54) NIL (0.54) NIL
Limited
26 Cyrilla Builders &
Constructions Limited
31-3-2009 5.00 (0.71) 4.46 0.17 NIL NIL (0.51) NIL (0.51) NIL
(formerly Cyrilla Builders &
Constructions Private Limited)
27 Dalmia Promoters &
31-3-2009 10.00 (889.06) 1,266.14 2,145.20 0.06 0.27 (88.51) 0.07 (88.58) NIL
Developers Private Limited
28
Dankuni World City Limited 31-3-2009 5.00 (5.31) 1.13 1.45 NIL NIL (0.72) NIL (0.72) NIL

29 Delanco Home & Resorts

31-3-2009 1.00 (341.05) 8,087.69 8,427.74 NIL 1,086.56 (514.15) (173.76) (340.39) NIL
Private Limited
30 Delanco Realtors Private
31-3-2009 1.00 (10.52) 1,347.79 1,357.32 NIL NIL (14.11) (4.44) (9.67) NIL
Limited
31 Deltaland Buildcon Private
31-3-2009 1.00 (1.30) 530.27 530.57 NIL NIL (1.49) (0.58) (0.91) NIL
Limited
32 Dhoomketu Builders &
31-3-2009 1.00 (118.85) 22.03 139.88 NIL NIL (0.78) NIL (0.78) NIL
Developers Private Limited
33
Diwakar Estates Limited 31-3-2009 5.00 125.85 133.11 2.26 39.76 5.65 4.88 1.61 3.27 NIL

34 DLF Akruti Info Parks (Pune)

31-3-2009 200.00 2,748.91 50,089.40 47,140.48 NIL 15,626.64 2,714.12 0.85 2,713.27 NIL
Limited
35 DLF Brands Private Limited
{ formerly DLF Retail Brands 31-3-2009 800.00 (742.54) 6,628.30 6,570.84 1,029.00 4,738.74 (1,082.82) (342.31) (740.51) NIL
Private Limited }
 (Rs. in lacs)
(a) (b) (c) (d) (e) (f) (g) (h) (i) (j)
Reserves
and Surplus Total Assets Details of
Total
(adjusted for (Fixed Investments Turnover
Financial Liabilities Profit (Loss) Profit
Sl. debit balance Assets + (except (including Provision Proposed
Name of the Company year ended Capital (Loans + before (Loss) After
No. in Profit & Investments in case of Other for Taxation Dividend
on Current Taxation Taxation
Loss Account +Current investments in Income)
Liabilities)
where Assets) subsidiaries)
applicable)

36 DLF City Centre Limited 31-3-2009 50.00 (432.62) 7333.20 7715.82 NIL NIL (432.62) NIL (432.62) NIL
37 DLF Commercial Complexes
31-3-2009 5.00 40,402.37 216,521.00 176,113.63 NIL 73,534.08 37,097.64 13,427.90 23,669.74 NIL
Limited@
38 DLF Commercial Developers
31-3-2009 40.00 190,544.43 392,176.34 201,591.91 1,079.48 70,522.89 24,635.27 (981.58) 25,616.85 NIL
Limited@
39 DLF Cyber City Developers
31-3-2009 133,184.81 545,693.42 262,458.61 9,381.83 144,255.84 119,454.57 9,214.19 110,240.38 NIL
Limited 150,050.00
40 DLF Developers Limited 31-3-2009 5.00 (1.02) 4.68 0.69 NIL NIL (0.69) NIL (0.69) NIL
41 DLF Emporio Restaurants
31-3-2009 5.00 (215.77) 3,675.25 3,886.03 NIL 178.21 (316.67) (105.42) (211.25) NIL
Limited
42 DLF Estate Developers
31-3-2009 5.01 (545.90) 1,297.74 1,838.63 2.80 593.05 (61.23) 18.48 (79.71) NIL
Limited
43 DLF Estates (Delhi) Private
Limited {formerly BES 31-3-2009 1.00 49,695.07 189,469.28 139,773.21 NIL (20,210.48) (16,443.84) (4,973.17) (11,470.67) NIL
Buildcon Private Limited}@
44 DLF Financial Services Limited 31-3-2009 24.00 26.90 52.55 1.64 NIL NIL (1.72) 0.11 (1.83) NIL
45 DLF Finvest Limited
{formerly DLF Info City 31-3-2009 300.00 (10.25) 325.33 35.58 NIL 31.67 7.90 2.60 5.30 NIL
Developers (Noida) Limited}
46 DLF Food Courts Private
31-3-2009 5.00 (130.62) 1,820.26 1,945.87 NIL 89.88 (188.34) (58.35) (129.98) NIL
Limited@
47 DLF Garden City Indore Private
31-3-2009 2.68 7,162.86 16,316.98 9,151.44 NIL 4,790.16 1,865.14 722.20 1,142.94 NIL
Limited
48 DLF Golf Resorts Limited 31-3-2009 40.00 100.16 9,612.95 9,472.79 NIL 67.73 25.48 11.81 13.67 NIL
49 DLF Green Power Private
31-3-2009 5.00 (23.97) 517.43 536.39 NIL NIL (23.97) NIL (23.97) NIL
Limited@
50 DLF Haryana SEZ (Ambala)
31-3-2009 5.00 (0.83) 4.33 0.16 NIL NIL (0.46) NIL (0.46) NIL
Limited
51 DLF Haryana SEZ (Gurgaon)
31-3-2009 5.00 (0.82) 4.34 0.16 NIL NIL (0.45) NIL (0.45) NIL
Limited
52 DLF Home Developers
31-3-2009 1,748.92 130,189.43 736,907.45 604,969.10 37176.72 197,570.21 76,136.02 16,921.02 59,215.00 NIL
Limited@
53 DLF Homes Ambala Private
Limited {formerly Nabhoj
31-3-2009 1.00 (1.47) 1,276.53 1,277.00 NIL NIL (1.84) (0.57) (1.27) NIL
Builders & Developers Private
Limited}
175
 (Rs. in lacs)

Details of Subsidiary Companies (Contd...)

176

(a) (b) (c) (d) (e) (f) (g) (h) (i) (j)
Reserves
Details of
and Surplus Total Assets
Total Investments
(adjusted for (Fixed Turnover
Financial Liabilities (except Profit (Loss) Profit
Sl. debit balance Assets + (including Provision Proposed
Name of the Company year ended Capital (Loans + in case of before (Loss) After
No. in Profit & Investments Other for Taxation Dividend
on Current investments Taxation Taxation
Loss Account +Current Income)
Liabilities) in
where Assets)
subsidiaries)
applicable)
54 DLF Homes Durgapur Private
31-3-2009 1.00 (7.88) 12.43 19.31 NIL NIL (7.17) NIL (7.17) NIL
Limited
55 DLF Homes Goa Private
Limited { formerly Saravati
31-3-2009 1.00 (1.28) 4,013.75 4,014.03 NIL 0.61 (1.81) (0.70) (1.12) NIL
Builders & constructions
Private Limited }
56 DLF Homes Kokapet Private
Limited {formerly Kanan Real 31-3-2009 1.00 (4.88) 26,683.17 26,687.05 NIL NIL (6.54) (1.90) (4.64) NIL
Estates Private Limited}
57 DLF Homes Panchkula Private
31-3-2009 3.01 8,579.38 26,914.88 18,332.49 NIL 1.51 (371.90) 3.58 (375.47) NIL
Limited
58 DLF Homes Pune Private Limited 31-3-2009 1.00 (1.19) 0.40 0.59 NIL NIL (0.71) NIL (0.71) NIL
59 DLF Homes Rajapura Private
31-3-2009 2.70 12,194.20 26,678.60 14,481.70 NIL NIL (73.03) NIL (73.03) NIL
Limited
60 DLF Homes Services Private
31-3-2009 1.00 24.54 580.53 554.99 NIL 586.34 35.69 10.97 24.71 NIL
Limited
61 DLF Housing & Construction
31-3-2009 5.00 113.63 2,431.69 2,313.06 1,075.90 52.16 (384.36) 0.27 (384.63) NIL
Limited
62 DLF Info City Developers
31-3-2009 5.00 (8.42) 2.37 5.80 NIL NIL (1.29) NIL (1.29) NIL
(Bangalore) Limited@
63 DLF Info City Developers
31-3-2009 3,936.30 272,277.34 314,385.10 38,171.46 NIL 140,378.09 102,063.31 4,321.00 97,742.31 NIL
(Chennai) Limited
64 DLF Services Limited
(formerly DLF Info City Developers 31-3-2009 5.00 74.03 4,486.48 4,407.44 NIL 2,594.36 122.52 48.00 74.52 NIL
(Gujrat) Limited)
65 DLF Info City Developers
31-3-2009 5.00 (5.32) 5.48 5.80 NIL NIL (1.36) NIL (1.36) NIL
(Hyderabad) Limited@
66 DLF Info Park Developers
31-3-2009 72,805.00 (212.39) 72,867.85 275.24 NIL NIL (212.39) NIL (212.39) NIL
(Chennai) Limited
67 DLF Infra Holdings Limited 31-3-2009 5.00 (22.30) 0.43 17.73 NIL NIL (20.05) NIL (20.05) NIL
68 DLF Land Limited 31-3-2009 5.00 140.65 625.63 479.99 NIL 2,063.30 120.89 51.69 69.20 NIL
69 DLF Metro Limited 31-3-2009 5.00 7.21 17.38 5.17 NIL 50.00 12.38 4.49 7.89 NIL
70 DLF Minor Restaurants
25-2-2009 1.00 (1.00) NIL NIL NIL NIL (0.75) NIL (0.75) NIL
Private Limited
71 DLF New Gurgaon Homes
31-3-2009 44,641.00 6,822.79 99,293.14 47,829.35 NIL 30,711.43 3,598.28 1,239.61 2,358.68 NIL
Developers Private Limited
 (Rs. in lacs)
(a) (b) (c) (d) (e) (f) (g) (h) (i) (j)
Reserves
and Surplus Total Assets Details of
Total
(adjusted for (Fixed Investments Turnover
Financial Liabilities Profit (Loss) Profit
Sl. debit balance Assets + (except (including Provision Proposed
Name of the Company year ended Capital (Loans + before (Loss) After
No. in Profit & Investments in case of Other for Taxation Dividend
on Current Taxation Taxation
Loss Account +Current investments in Income)
Liabilities)
where Assets) subsidiaries)
applicable)
72 DLF New Gurgaon Offices
31-3-2009 1.00 (1.22) 0.91 1.14 NIL NIL (0.73) NIL (0.73) NIL
Developers Private Limited
73 DLF New Gurgaon Retail
Developers Private Limited
31-3-2009 5.00 (132.34) 1,802.15 1,929.49 NIL 34.94 (131.97) NIL (131.97) NIL
(formerly Lacey Builders &
Construction Private Limited)
74 DLF Phase IV Commercial
31-3-2009 40.00 2.81 43.95 1.14 NIL 1.63 0.85 0.34 0.51 NIL
Developers Limited
75 DLF Pramerica Life Insurance
31-3-2009 13,705.41 (4,441.51) 10,754.57 1,490.67 NIL 831.08 (4,446.01) NIL (4,446.01) NIL
Co Limited
76 DLF Premium Homes Private
Limited {formerly Lennox
31-3-2009 1.00 (21.33) 277.93 298.26 NIL NIL (21.05) NIL (21.05) NIL
Builders & Developers Private
Limited}
77 DLF Projects Limited 31-3-2009 5.00 (99.29) 28,737.89 28,832.18 NIL 9,677.89 (102.06) (3.13) (98.93) NIL
78 DLF Property Developers
31-3-2009 50.00 1,753.68 4,544.17 2,740.49 NIL 3,891.27 2,750.62 995.92 1,754.69 NIL
Limited
79 DLF Real Estate Builders
31-3-2009 50.00 548.59 3508.55 2909.95 NIL 1253.02 861.19 312.60 548.59 NIL
Limited@
80 DLF Residential Builders Limited 31-3-2009 50.00 (2.30) 1,554.36 1,506.66 NIL NIL (2.30) NIL (2.30) NIL
81 DLF Residential Developers
31-3-2009 50.00 855.45 3,130.08 2,224.63 NIL 1,949.72 1,344.62 489.16 855.45 NIL
Limited
82 DLF Residential Partners
31-3-2009 50.00 1,649.57 4,227.89 2,528.32 NIL 3,608.45 2,571.83 922.26 1,649.57 NIL
Limited@
83 DLF Retail Developers
31-3-2009 4,400.00 14,701.59 390,895.52 371,793.93 2,672.88 44,085.68 (9,063.62) (3,633.67) (5,429.95) NIL
Limited@
84 DLF Retail Services Limited@ 31-3-2009 5.00 (0.61) 4.63 0.23 NIL NIL (0.29) (0.00) (0.28) NIL
85 DLF SEZ Developers Limited 31-3-2009 5.00 (436.39) 77.39 508.77 NIL 20.64 (186.33) 0.24 (186.57) NIL
86 P.T.Jawa Express Amanda
Indah (Amanjiwo) - {as per 31-12-2008 1037.87 (4989.17) 1499.87 5451.17 NIL 1995.19 (462.93) NIL (462.93) NIL
IFRS)
87 DLF Southern Homes Private
31-3-2009 49,559.58 29,388.38 94,057.39 15,109.43 944.04 17,952.70 2,949.18 1,098.71 1,850.47 NIL
Limited
88 DLF SouthernTowns Private
31-3-2009 2.70 36,570.35 93,856.59 57,283.54 NIL 53.55 (508.52) (187.58) (320.93) NIL
Limited
177

89 DLF Telecom Limited 31-3-2009 1,115.00 97.58 1,259.05 46.47 NIL 136.41 135.63 46.37 89.26 NIL
 Details of Subsidiary Companies (Contd...)
178
(Rs. in lacs)
(a) (b) (c) (d) (e) (f) (g) (h) (i) (j)
Reserves
Details of
and Surplus Total Assets
Total Investments
(adjusted for (Fixed Turnover
Financial Liabilities (except Profit (Loss) Profit
Sl. debit balance Assets + (including Provision Proposed
Name of the Company year ended Capital (Loans + in case of before (Loss) After
No. in Profit & Investments Other for Taxation Dividend
on Current investments Taxation Taxation
Loss Account +Current Income)
Liabilities) in
where Assets)
subsidiaries)
applicable)

90 DLF Universal Limited

(formerly Dominga Builders & 31-3-2009 5.00 (2.80) 2.79 0.59 NIL NIL (0.64) NIL (0.64) NIL
Constructions Private Limited)
91 DLF Utilities Limited (formerly
31-3-2009 1,490.81 (873.04) 62,828.85 62,211.08 659.14 4,097.33 1,013.57 1,890.72 (877.15) NIL
DLF Utilities Private Limited)
92 DT Cinemas Limited
{formerly DLF Services 31-3-2009 780.36 4,929.32 21,712.25 16,002.57 NIL 30,806.54 2,584.21 918.02 1,666.19 NIL
Limited}
93 Eastern India Powertech Limited {
31-3-2009 6,932.00 8,830.18 57,674.66 41,912.48 NIL 12,868.13 (1,112.29) 2.21 (1,114.50) NIL
formerly DLF Power Limited }
94 Edward Keventor (Successors)
31-3-2009 96.15 2,860.83 11,440.98 8,484.00 950.13 3.12 (601.26) NIL (601.26) NIL
Private Limited
95 Enki Buildwell Private Limited
{ formerly Enki Retail Private 31-3-2009 5.00 (36.17) 375.18 406.35 NIL 0.08 (33.94) NIL (33.94) NIL
Limited }
96 Eros Buildtech Private Limited
{ formerly Eros Retail Private 31-3-2009 5.00 (32.26) 1,497.63 1,524.89 NIL 130.18 8.45 37.86 (29.40) NIL
Limited }
97 Falguni Builders Private
31-3-2009 5.00 (1.23) 4.17 0.40 1.00 NIL (0.80) NIL (0.80) NIL
Limited
98 G.G.R Properties Private
31-3-2009 55.00 (6.62) 80.15 31.77 NIL NIL (6.43) NIL (6.43) NIL
Limited
99 G.S.R Properties Private
31-3-2009 55.00 (6.69) 80.14 31.82 NIL NIL (6.50) NIL (6.50) NIL
Limited
100 Gajjala Ram Reddy Properties
31-3-2009 55.00 (6.65) 80.15 31.79 NIL NIL (6.46) NIL (6.46) NIL
Private Limited
101 Gajjala Constructions Private
31-3-2009 55.00 (6.65) 80.15 31.79 NIL NIL (6.46) NIL (6.46) NIL
Limited
102 Galaxy Mercantiles Limited 31-3-2009 9,603.66 1,367.39 33,834.10 22,863.05 NIL 2,585.41 1,152.12 359.40 792.71 NIL
103 Galleria Property Management
31-3-2009 5.00 2,800.80 8,266.94 5,461.14 NIL 569.07 (846.10) (287.59) (558.51) NIL
Services Private Limited
104 Ganesar Ginning Co. Private
31-3-2009 5.00 (30.57) 21.37 46.93 NIL NIL (5.80) NIL (5.80) NIL
Limited
105 Ganika Builders Private
31-3-2009 5.00 (1.23) 4.17 0.40 1.00 NIL (0.80) NIL (0.80) NIL
Limited
106 Gavin Builders & Developers
31-3-2009 5.00 881.60 2,388.03 1,501.43 NIL 17.38 (24.77) 14.21 (38.98) NIL
Private Limited@
107 Geocities Airport
31-3-2009 1.00 (0.86) 0.73 0.59 NIL NIL (0.61) NIL (0.61) NIL
Infrastructures Private Limited
 (Rs. in lacs)
(a) (b) (c) (d) (e) (f) (g) (h) (i) (j)
Reserves
and Surplus Total Assets Details of
Total
(adjusted for (Fixed Investments Turnover
Financial Liabilities Profit (Loss) Profit
Sl. debit balance Assets + (except (including Provision Proposed
Name of the Company year ended Capital (Loans + before (Loss) After
No. in Profit & Investments in case of Other for Taxation Dividend
on Current Taxation Taxation
Loss Account +Current investments in Income)
Liabilities)
where Assets) subsidiaries)
applicable)

108 GMR Constructions Private

31-3-2009 55.00 (6.63) 80.14 31.77 NIL NIL (6.44) NIL (6.44) NIL
Limited
109 Grandbay Estate Developers
31-3-2009 5.00 (329.71) 9,142.67 9,467.38 NIL 0.08 (1.22) NIL (1.22) NIL
Limited@
110 Gulika Home Developers
31-3-2009 5.00 (1.23) 4.17 0.40 1.00 NIL (0.80) NIL (0.80) NIL
Private Limited
111 GVR Properties Private
31-3-2009 55.00 (6.62) 80.15 31.77 NIL NIL (6.43) NIL (6.43) NIL
Limited
112 Gyan Real Estate Developers
31-3-2009 5.00 (596.90) 1,991.65 2,583.56 NIL NIL (287.82) NIL (287.82) NIL
Private Limited
113 Harini Resorts & Properties
31-3-2009 55.00 (6.72) 80.15 31.87 NIL NIL (6.53) NIL (6.53) NIL
Private Limited
114 Highvalue Builders Private
31-3-2009 5.00 (73.70) 18.28 86.98 18.00 NIL (0.76) NIL (0.76) NIL
Limited
115
Irama Estate Private Limited 31-3-2009 2,135.24 4,455.99 10,318.21 3,726.98 NIL 81.05 (22.82) (0.01) (22.81) NIL

116 Isabel Builders & Developers

31-3-2009 1.00 (6.80) 1,955.05 1,960.85 NIL 0.16 (10.25) (3.19) (7.06) NIL
Private Limited
117 Jai Luxmi Real Estate Private
31-3-2009 5.00 (1.66) 4.04 0.70 NIL NIL (0.71) NIL (0.71) NIL
Limited
118 Janya Estate Developers
31-3-2009 1.00 (42.25) 700.73 741.98 NIL NIL (42.03) NIL (42.03) NIL
Private Limited
119 Jawala Real Estate Private
31-3-2009 5.00 43.76 141,129.08 141,080.32 NIL 0.09 (11.52) NIL (11.52) NIL
Limited
120 K G Infrastructure Private
31-3-2009 32.40 280.75 319.17 6.02 NIL NIL (1.19) NIL (1.19) NIL
Limited
121 Kairav Real Estate Private
31-3-2009 5.00 (30.25) 5,268.48 5,293.74 585.00 407.00 (30.92) NIL (30.92) NIL
Limited
122 Kapo Realtors Private Limited
(formerly Kapo Retail Private 31-3-2009 1.00 (85.26) 796.97 881.23 NIL 68.28 (128.80) (43.78) (85.02) NIL
Limited
123 Laman Real Estates Private
31-3-2009 1.00 31.87 627.40 594.53 NIL NIL (0.07) (0.94) 0.87 NIL
Limited
124 Lawanda Builders &
31-3-2009 1.00 (0.81) 0.77 0.57 NIL NIL (0.63) NIL (0.63) NIL
Developers Private Limited
125 Leandra Builders &
31-3-2009 5.00 27,705.73 41,978.02 14,267.29 NIL NIL (1.23) NIL (1.23) NIL
Developers Private Limited@
179
 Details of Subsidiary Companies (Contd...)
180
(Rs. in lacs)
(a) (b) (c) (d) (e) (f) (g) (h) (i) (j)
Reserves
Details of
and Surplus Total Assets
Total Investments
(adjusted for (Fixed Turnover
Financial Liabilities (except Profit (Loss) Profit
Sl. debit balance Assets + (including Provision Proposed
Name of the Company year ended Capital (Loans + in case of before (Loss) After
No. in Profit & Investments Other for Taxation Dividend
on Current investments Taxation Taxation
Loss Account +Current Income)
Liabilities) in
where Assets)
subsidiaries)
applicable)

126 Life Style Homes Private

31-3-2009 55.00 (6.69) 80.08 31.78 NIL NIL (6.50) NIL (6.50) NIL
Limited
127 Mens Buildcon Private Limited 31-3-2009 1.00 (1.35) 5.81 6.15 NIL NIL (1.18) NIL (1.18) NIL
128 Mhaya Buildcon Private
31-3-2009 1.00 (1.35) 5.81 6.15 NIL NIL (1.18) NIL (1.18) NIL
Limited
129 Mouna Constructions Private
31-3-2009 55.00 (6.84) 80.08 31.93 NIL NIL (6.65) NIL (6.65) NIL
Limited
130 Mouna Estates Private Limited 31-3-2009 55.00 (6.10) 80.36 31.46 NIL 0.01 (5.91) NIL (5.91) NIL
131 Mouna Properties Private
31-3-2009 55.00 (6.61) 80.15 31.76 NIL NIL (6.42) NIL (6.42) NIL
Limited
132 Nambi Buildwell Private
31-3-2009 1.00 (1.35) 5.69 6.04 NIL NIL (1.18) NIL (1.18) NIL
Limited
133 Necia Builders & Developers
31-3-2009 5.00 280.68 3,898.07 3,612.40 NIL NIL (5.20) NIL (5.20) NIL
Private Limited@
134 Nellis Builders & Developers
31-3-2009 1.00 (8.83) 2.04 9.87 NIL NIL (3.66) NIL (3.66) NIL
Private Limited
135 NewGen MedWorld Hospitals
31-3-2009 5.00 (49.67) 3.98 48.65 NIL NIL (6.33) NIL (6.33) NIL
Limited
136 Nilayam Builders & Developers
31-3-2009 40.00 46.75 88.77 2.03 64.61 5.62 4.69 0.01 4.68 NIL
Limited
137 Paliwal Developers Limited 31-3-2009 5.00 3,615.82 7,547.14 3,926.32 NIL 1,233.50 58.96 18.30 40.65 NIL
138 Paliwal Real Estate Private
31-3-2009 126.00 7.21 138.48 5.27 NIL 11.02 10.07 3.11 6.96 NIL
Limited
139 PAT Infrastructures Private
31-3-2009 5.00 (1.61) 1,566.15 1,562.76 NIL NIL (0.91) NIL (0.91) NIL
Limited@
140 Pee Tee Property Management
31-3-2009 27.00 (74.07) 6.20 53.28 6.00 NIL (2.21) NIL (2.21) NIL
Services Limited
141 Prompt Real Estate Private
31-3-2009 5.00 (82.14) 60.54 137.68 6.00 1.12 (9.10) NIL (9.10) NIL
Limited
142 Rati Infratech Private Limited 31-3-2009 1.00 (1.35) 5.69 6.04 NIL NIL (1.18) NIL (1.18) NIL
143 Regency Park Property
Management Services Private 31-3-2009 5.00 540.57 43,678.37 43,132.79 NIL 3,363.65 1,265.26 277.70 987.56 NIL
Limited
144 Richmond Park Property
31-3-2009 5.00 (1.05) 4.65 0.70 0.65 NIL (0.77) 0.01 (0.78) NIL
Management Services Limited
 (Rs. in lacs)
(a) (b) (c) (d) (e) (f) (g) (h) (i) (j)
Reserves
and Surplus Total Assets Details of
Total
(adjusted for (Fixed Investments Turnover
Financial Liabilities Profit (Loss) Profit
Sl. debit balance Assets + (except (including Provision Proposed
Name of the Company year ended Capital (Loans + before (Loss) After
No. in Profit & Investments in case of Other for Taxation Dividend
on Current Taxation Taxation
Loss Account +Current investments in Income)
Liabilities)
where Assets) subsidiaries)
applicable)

145 Riveria Commercial

Developers Limited
31-3-2009 8,601.00 (68.66) 8,634.12 101.78 NIL NIL (67.78) NIL (67.78) NIL
{ formerly Riveria Info City
Developers Limited }
146 Rod Retail Private Limited 31-3-2009 1.00 (42.93) 210.71 252.64 NIL 22.64 (64.69) (21.99) (42.70) NIL
147 Samali Builders & Developers
31-3-2009 1.00 (111.52) 500.67 611.19 NIL NIL (68.41) NIL (68.41) NIL
Private Limited
148 Sandesh Constructions
31-3-2009 55.00 (6.09) 80.52 31.60 NIL 0.16 (5.90) NIL (5.90) NIL
Private Limited
149 Sandesh Estates Private
31-3-2009 55.00 (3.59) 239.89 188.48 NIL NIL (3.40) NIL (3.40) NIL
Limited
150 Shivajimarg Properties Limited 31-3-2009 48,375.00 337.56 49,619.89 907.33 NIL 40.31 18.66 6.35 12.31 NIL
151 Silver Oaks Property
31-3-2009 7.00 (76.59) 7.24 76.83 6.50 NIL (0.75) NIL (0.75) NIL
Management Services Limited
152 Solid Buildcon Private Limited 31-3-2009 5.00 (603.01) 2,005.18 2,603.19 2,003.51 NIL (289.15) NIL (289.15) NIL
153 Springhills Infratech Private
Limited {formerly Mariana 31-3-2009 1.00 (3.35) 4,279.07 4,281.43 NIL 1.01 (4.74) (1.50) (3.24) NIL
Buildwell Private Limited}
154 Sunbreeze Estate Developers
31-3-2009 5.00 (266.95) 7,054.08 7,316.03 NIL 0.08 (0.94) NIL (0.94) NIL
Limited@
155 Sunlight Promoters Private
31-3-2009 5.00 (73.46) 7.21 75.67 6.00 0.01 (0.73) NIL (0.73) NIL
Limited
156 Urvasi Infratech Private
31-3-2009 1.00 (0.94) 0.65 0.59 NIL NIL (0.69) NIL (0.69) NIL
Limited
157 Valini Builders & Developers
31-3-2009 1.00 (0.59) 0.79 0.37 NIL NIL (0.39) NIL (0.39) NIL
Private Limited
158 Var Infratech Private Limited 31-3-2009 1.00 (25.47) 57.42 81.88 NIL 50.00 (9.79) NIL (9.79) NIL
159 Venezia Estate Developers
31-3-2009 5.00 (398.32) 10,131.98 10,525.30 NIL NIL (2.00) NIL (2.00) NIL
Limited@
160 Vkarma Capital Investment
Management Company Private 31-3-2009 5.00 (1,109.52) 984.35 2,088.87 NIL 60.06 (944.12) 2.70 (946.81) NIL
Limited
161 Vkarma Capital Trustee
31-3-2009 5.00 (1.25) 11.81 8.06 1.00 NIL (0.95) NIL (0.95) NIL
Company Private Limited
181
 Details of Subsidiary Companies (Contd...)
(Rs. in lacs)
182

(a) (b) (c) (d) (e) (f) (g) (h) (i) (j)
Reserves
Details of
and Surplus Total Assets
Total Investments
(adjusted for (Fixed Turnover
Financial Liabilities (except Profit (Loss) Profit
Sl. debit balance Assets + (including Provision Proposed
Name of the Company year ended Capital (Loans + in case of before (Loss) After
No. in Profit & Investments Other for Taxation Dividend
on Current investments Taxation Taxation
Loss Account +Current Income)
Liabilities) in
where Assets)
subsidiaries)
applicable)

162 VSK Investment & Finance

31-3-2009 5.00 (21.05) 14,596.66 14,612.71 7.20 1,555.86 (19.11) 0.08 (19.19) NIL
Limited@
163 Zola Real Estate Private
31-3-2009 1.00 (0.57) 1.55 1.12 NIL NIL (0.41) NIL (0.41) NIL
Limited
164 Zoria Infratech Private Limited 31-3-2009 1.00 7.84 213.25 204.41 NIL 12.60 11.91 3.82 8.09 NIL
165 DLF Hotel Holdings Ltd 31-3-2009 117,660.00 (1,119.83) 130,278.06 13,737.89 NIL 2,759.56 (696.26) 33.90 (730.16) NIL
166 DLF Aspinwal Hotels Private
31-3-2009 1.00 (1.42) 4,262.59 4,263.01 NIL NIL (0.70) NIL (0.70) NIL
Limited
167 DLF Sikkim Hotels Private
31-3-2009 1.00 (6.13) 414.17 419.30 NIL 3.99 (8.29) NIL (8.29) NIL
Limited
168 DLF Cochin Hotels Private
31-3-2009 1.00 5.82 2,034.05 2,027.23 NIL 3.99 3.65 NIL 3.65 NIL
Limited
169 Bedelia Builders and
31-3-2009 1.00 (11.33) 367.63 377.96 NIL NIL (11.01) NIL (11.01) NIL
Constructions Private Limited
170 DLF Hospitality and
31-3-2009 5.00 230.81 2,372.66 2,136.85 NIL 330.39 147.21 NIL 147.21 NIL
Recreational Limited
171 DLF Service Apartments
31-3-2009 5.00 5.40 10.75 0.35 NIL 3.99 3.52 NIL 3.52 NIL
Limited
172 DLF inns Limited 31-3-2009 5.00 5.40 10.75 0.35 NIL 3.99 3.53 NIL 3.53 NIL
173 DLF Luxury Hotels Limited 31-3-2009 5.00 5.35 10.70 0.35 NIL 3.99 3.47 NIL 3.47 NIL
174 Eila Builders & Developers
31-3-2009 4,450.00 (494.29) 5,014.86 1,059.15 NIL 87.75 0.37 0.04 0.33 NIL
Private Limited
175 Monroe Builders & Developers
31-3-2009 15.00 47.91 97.85 34.94 NIL NIL (1.21) NIL (1.21) NIL
Private Limited
176 Breeze Constructions Private
31-3-2009 1.00 (855.37) 13,287.64 14,142.01 NIL NIL (0.29) NIL (0.29) NIL
Limited
177 DLF Jaipur Convention Center
31-3-2009 1.00 (0.38) 0.79 0.17 NIL NIL (0.24) NIL (0.24) NIL
Private Limited
178 DLF Comfort Hotels Private
31-3-2009 1.00 (39.43) 1,328.92 1,367.35 NIL NIL (39.22) NIL (39.22) NIL
Limtied
179 DLF Business Hotels Venture
31-3-2009 1.00 (0.37) 0.80 0.17 NIL NIL (0.24) NIL (0.24) NIL
Private Limited
180 DLF Hilton Hotels Limitied 31-3-2009 53,453.35 1,206.08 54,736.71 77.28 NIL 2,696.37 2,520.25 892.76 1,627.49 NIL
181 DLF Hilton Hotel (Mysore)
31-3-2009 5.00 (1.87) 2,831.72 2,828.59 NIL NIL (0.23) 0.02 (0.25) NIL
P. Ltd.
 (Rs. in lacs)
(a) (b) (c) (d) (e) (f) (g) (h) (i) (j)
Reserves
and Surplus Total Assets Details of
Total
(adjusted for (Fixed Investments Turnover
Financial Liabilities Profit (Loss) Profit
Sl. debit balance Assets + (except (including Provision Proposed
Name of the Company year ended Capital (Loans + before (Loss) After
No. in Profit & Investments in case of Other for Taxation Dividend
on Current Taxation Taxation
Loss Account +Current investments in Income)
Liabilities)
where Assets) subsidiaries)
applicable)

182 DLF Pleasure Hotels Pvt

31-3-2009 1.00 (13.38) 102.06 114.44 NIL NIL (13.38) NIL (13.38) NIL
Limited
183 DLF Hotels & Apartments Pvt
31-3-2009 1.00 (13.22) 105.33 117.55 NIL NIL (13.22) NIL (13.22) NIL
Limited
184 DLF New Delhi Convention
31-3-2009 7.00 (0.57) 6.58 0.15 NIL NIL (0.57) NIL (0.57) NIL
Center Limited
185 DLF Leisure & Entertainment
31-3-2009 1.00 (1.00) NIL NIL NIL NIL (1.00) NIL (1.00) NIL
Pvt Limited
186 DLF Deluxe Hotels Pvt Limited 31-3-2009 1.00 (1.00) NIL NIL NIL NIL (1.00) NIL (1.00) NIL
187 DLF Conventions and Hotels
31-3-2009 1.00 (1.00) NIL NIL NIL NIL (1.00) NIL (1.00) NIL
Pvt Limited
188 DLF Rohini Hotels Pvt Limited 31-3-2009 1.00 (1.00) NIL NIL NIL NIL (1.00) NIL (1.00) NIL
189 DLF Budget Venture Hotels
31-3-2009 1.00 (1.00) NIL NIL NIL NIL (1.00) NIL (1.00) NIL
Pvt Limited
190 DLF Airport Hotels Pvt Limited 31-3-2009 1.00 (1.00) NIL NIL NIL NIL (1.00) NIL (1.00) NIL
191 DLF Exhibition Center Pvt
31-3-2009 1.00 (1.00) NIL NIL NIL NIL (1.00) NIL (1.00) NIL
Limited
192 DLF Jaipur Hotels Pvt Limited 31-3-2009 1.00 (1.00) NIL NIL NIL NIL (1.00) NIL (1.00) NIL
193 DLF Exotica Hotels Pvt Limited 31-3-2009 1.00 (1.00) NIL NIL NIL NIL (1.00) NIL (1.00) NIL
194 DLF Mumbai Hotels Pvt
31-3-2009 1.00 (1.00) NIL NIL NIL NIL (1.00) NIL (1.00) NIL
Limited
195 DLF Hotel Ventures Pvt
31-3-2009 1.00 (1.00) NIL NIL NIL NIL (1.00) NIL (1.00) NIL
Limited
196 DLF Southcourt Hotels Pvt
31-3-2009 1.00 (1.00) NIL NIL NIL NIL (1.00) NIL (1.00) NIL
Limited
197 Heritage Resorts Limited 31-12-2008 5,632.14 (7,895.73) 8,829.27 11,092.86 NIL 1,470.53 (2,927.57) 10.51 (2,938.08) NIL
198 Guardian International Private
31-12-2008 105.33 (1,405.66) 700.00 2,000.34 NIL 704.72 (228.88) NIL (228.88) NIL
Limited
199 Lodhi Property Company
31-12-2008 405.48 11,082.72 44,908.21 33,420.01 31,929.14 976.61 (1,857.01) 1,924.07 (3,781.08) NIL
Limited
200 DLF Recreational Foundation
31-3-2009 50.00 328.91 5,385.74 5,006.83 NIL 1,157.67 502.41 173.50 328.91 NIL
Ltd
183

201 DLF Global Hospitality Limited 31-3-2009 13,658.51 24,837.07 156,884.91 118,389.33 27,885.60 116.79 (7,398.71) NIL (7,398.71) NIL
 Details of Subsidiary Companies (Contd...)
(Rs. in lacs)
184

(a) (b) (c) (d) (e) (f) (g) (h) (i) (j)
Reserves
Details of
and Surplus Total Assets
Total Investments
(adjusted for (Fixed Turnover
Financial Liabilities (except Profit (Loss) Profit
Sl. debit balance Assets + (including Provision Proposed
Name of the Company year ended Capital (Loans + in case of before (Loss) After
No. in Profit & Investments Other for Taxation Dividend
on Current investments Taxation Taxation
Loss Account +Current Income)
Liabilities) in
where Assets)
subsidiaries)
applicable)

202 City Icon Limited 31-3-2009 9.11 (10.92) 11.81 13.62 NIL 1.40 (23.36) NIL (23.36) NIL
203 Overseas Hotels Limited 31-3-2009 22,377.99 95,986.94 120,658.79 2,293.86 NIL 3,095.45 2,095.84 NIL 2,095.84 NIL
204 DLF International Hospitality
31-3-2009 1,485.53 5,929.79 7,416.72 1.40 NIL 0.58 (8.38) NIL (8.38) NIL
Corp
205 Fonton Limited 31-3-2009 19.62 (64.30) NIL 44.68 NIL NIL (53.39) NIL (53.39) NIL
206 Argent Holdings Limited 31-3-2009 11.93 33,065.38 33,147.88 70.57 NIL 882.13 744.79 NIL 744.79 NIL
207 Sinonet Holdings Limited 31-3-2009 0.00* 17,004.57 22,674.50 5,669.93 NIL NIL (6.95) NIL (6.95) NIL
208 DLF International Holding Pte
Limited (formerly DLF Trust 31-3-2009 7,342.12 758.27 13,536.33 5,435.94 9,726.29 463.17 153.07 NIL 153.07 NIL
Holdings Pte. Limited)
209 DLF Trust Management Pte
31-3-2009 3,763.73 (3,811.47) 201.19 248.92 NIL 6.96 (3,538.78) NIL (3,538.78) NIL
Limited
210 Red Acres Development
31-3-2009 3.53 (2.98) 5.35 4.80 NIL NIL (6.56) NIL (6.56) NIL
Limited
211 Universal Hospitality Limited 31-3-2009 3.53 (2.87) 5.37 4.71 NIL NIL (6.46) NIL (6.46) NIL
212 Alvernia Limited 31-3-2009 1.27 (17.61) 1.19 17.53 NIL NIL (16.98) NIL (16.98) NIL
213 DLF City Centre Limited 31-3-2009 3.84 (6.23) 8.63 11.02 NIL 0.39 (16.43) NIL (16.43) NIL
214 Silverlink Holdings Limited 31-12-2008 26,192.28 (10,515.33) 94,718.20 79,041.26 212.10 1,640.23 (6,338.39) NIL (6,338.39) NIL
215 Amanproducts Limited 31-12-2008 0.00* 88.49 594.28 505.79 NIL 74.04 28.70 NIL 28.70 NIL
216 Hospitality Trading Ltd 31-12-2008 0.05 (96.83) 745.98 842.76 NIL 318.41 (88.29) NIL (88.29) NIL
217 Hotel Sales Services Ltd 31-12-2008 0.05 4.37 182.28 177.86 NIL 401.38 3.98 NIL 3.98 NIL
218 Puri Ltd 31-12-2008 0.01 393.33 2,536.08 2,142.74 NIL 18.70 358.64 NIL 358.64 NIL
219 Incan Valley Holdings Ltd 31-12-2008 0.01 (22.15) 145.05 167.19 145.05 NIL (20.20) NIL (20.20) NIL
220 Villajena Development
31-12-2008 0.01 (7.14) NIL 7.13 NIL NIL (3.01) NIL (3.01) NIL
Company Limited
221 Amanresorts International
31-12-2008 31.60 1,012.16 2,836.89 1,793.12 NIL 849.36 (136.70) 54.54 (191.24) NIL
Pte Ltd
222 Jalisco Holdings Pte Ltd 31-12-2008 0.34 (66.87) 955.27 1,021.81 NIL 4.45 (45.77) NIL (45.77) NIL
223 Mulvey BV 31-12-2008 13.75 (33.57) 902.28 922.09 NIL 0.10 (5.72) NIL (5.72) NIL
*”Rounded off to zero”
 (Rs. in lacs)
(a) (b) (c) (d) (e) (f) (g) (h) (i) (j)
Reserves
and Surplus Total Assets Details of
Total
(adjusted for (Fixed Investments Turnover
Financial Liabilities Profit (Loss) Profit
Sl. debit balance Assets + (except (including Provision Proposed
Name of the Company year ended Capital (Loans + before (Loss) After
No. in Profit & Investments in case of Other for Taxation Dividend
on Current Taxation Taxation
Loss Account +Current investments in Income)
Liabilities)
where Assets) subsidiaries)
applicable)

224 Mulvey Venice S.R.L (Fomerly

31-12-2008 7.58 (320.12) 605.21 917.75 NIL 0.22 (305.07) NIL (305.07) NIL
known as Cirtus Venice S.R.L)
225 Aradal Company N.V. 31-12-2008 3.10 3,065.27 8,521.16 5,452.79 NIL NIL (3.42) NIL (10.48) NIL
226 Current Finance Ltd 31-12-2008 0.00* (13.22) 1,677.84 1,691.07 NIL NIL (5.12) NIL (5.12) NIL
227 Amanresorts Mangement BV 31-12-2008 12.10 (738.90) 349.76 1,076.56 NIL 649.74 (325.36) NIL (341.44) NIL
228 P.T. Amanresorts Indonesia 31-12-2008 30.66 (133.06) 385.60 488.00 NIL 0.16 (79.80) NIL (79.80) NIL
229 Hotel Sales Services Ptv Ltd 31-12-2008 10.33 (88.83) 115.03 193.53 NIL 386.16 (84.32) NIL (84.32) NIL
230 Amanresorts Technical
31-12-2008 11.94 1,035.75 1,863.53 815.84 NIL 742.75 6.17 9.44 (3.27) NIL
Services B.V
231 Amanresorts IPR B.V 31-12-2008 11.94 (52.92) 30.20 71.18 NIL 83.98 (17.29) 2.08 (19.37) NIL
232 Amanresorts B.V. 31-12-2008 11.94 (1,172.16) 7,641.63 8,801.85 NIL 0.24 (10.24) NIL (10.24) NIL
233 P.T. Moyo Safari Abadi 31-12-2008 277.93 (2,211.61) 693.73 2,627.40 NIL 1,539.01 (286.06) 5.07 (291.13) NIL
234 P.T. Amanusa Resort
31-12-2008 135.21 (977.68) 2,421.30 3,263.77 NIL 2,411.26 444.47 144.53 299.94 NIL
Indonesia
235 P.T. Tirta Villa Ayu 31-12-2008 1.11 (3.95) NIL 2.84 NIL NIL 6.09 NIL 6.09 NIL
236 Regional Design & Research
31-12-2008 3.10 (49.61) 1,111.06 1,157.57 NIL NIL (3.98) NIL (3.98) NIL
N.V
237 Regional Design & Research
31-12-2008 12.10 2,008.79 7,948.68 5,927.79 NIL 68.43 45.62 0.13 45.49 NIL
B.V
238 P.T. Villa Ayu 31-12-2008 110.11 831.41 1,477.32 535.81 NIL 1,867.40 186.62 60.06 126.56 NIL
239 Goyo Services Limited 31-12-2008 0.00* 244.52 1,030.70 786.18 NIL 106.53 107.21 NIL 107.21 NIL
240 Amankila Resorts Limited 31-12-2008 0.00 * 693.00 856.40 163.40 NIL 28.34 22.38 NIL 22.38 NIL
241 P.T. Nusantara Island Resorts 31-12-2008 148.83 118.29 1,428.56 1,161.44 79.30 3,297.20 692.90 238.40 454.50 NIL
242 P.T. Indrakila Villatama
31-12-2008 6.95 (226.37) 140.46 359.89 NIL NIL (6.01) NIL (6.01) NIL
Development
243 Nusantara Island Resorts
31-12-2008 0.00* 244.96 429.64 184.67 NIL 216.72 216.43 NIL 216.43 NIL
Limited
244 Balina Pansea Company
31-12-2008 5.16 (306.97) NIL 301.81 NIL NIL (0.29) NIL (0.29) NIL
Limitd
245 Amanresorts Limited 31-12-2008 0.01 (7,909.31) 405.80 8,315.10 NIL 4.73 23.43 NIL 23.43 NIL
185

*”Rounded off to zero”

 Details of Subsidiary Companies (Contd...)
(Rs. in lacs)
186

(a) (b) (c) (d) (e) (f) (g) (h) (i) (j)
Reserves
Details of
and Surplus Total Assets
Total Investments
(adjusted for (Fixed Turnover
Financial Liabilities (except Profit (Loss) Profit
Sl. debit balance Assets + (including Provision Proposed
Name of the Company year ended Capital (Loans + in case of before (Loss) After
No. in Profit & Investments Other for Taxation Dividend
on Current investments Taxation Taxation
Loss Account +Current Income)
Liabilities) in
where Assets)
subsidiaries)
applicable)

246 ARL Marketing Ltd ( formerly

31-12-2008 0.00* (5.95) NIL 5.95 NIL NIL (0.29) NIL (0.29) NIL
Amanmalaysia)
247 ARL Marketing Inc. 31-12-2008 0.00* (38.28) 0.99 39.27 NIL NIL (9.55) NIL (9.55) NIL
248 Amanresorts Services Limited 31-12-2008 0.01 8,914.30 9,635.72 721.41 NIL 5,245.95 1,814.09 158.23 1,655.86 NIL
249 Forerun Group Ltd 31-12-2008 0.01 2.75 3.07 0.32 NIL NIL 1.38 NIL 1.38 NIL
250 Andaman Holdings Ltd 31-12-2008 0.00* 1,383.44 7,875.94 6,492.50 NIL NIL (112.88) NIL (112.88) NIL
251 Silverlink (Thailand) Company
31-12-2008 1.31 3,759.12 3,963.81 203.38 NIL 127.64 54.73 21.93 32.80 NIL
Limited
252 Andaman Development
31-12-2008 6.57 (30.54) 1,716.90 1,740.88 NIL 58.59 4.64 (1.40) 6.04 NIL
Company Limited
253 Andaman Resorts Co Ltd 31-12-2008 78.80 358.75 14,635.82 14,198.27 NIL 6,141.06 (500.34) (77.32) (423.02) NIL
254 Amancruises Company
31-12-2008 131.33 (589.22) 246.21 704.10 NIL 578.08 (235.52) (18.89) (216.63) NIL
Limited
255 Amanrcuises (2006) Company
31-12-2008 1.25 3.65 5.46 0.55 NIL 16.99 (18.79) (6.79) (12.00) NIL
Limited
256 Foregiant Agents Limited 31-12-2008 0.01 (23.09) NIL 23.09 NIL (53.53) (250.37) NIL (250.37) NIL
257 Andaman Thai Holding Co Ltd 31-12-2008 0.63 (0.29) 2.05 1.72 NIL 0.07 (0.82) NIL (0.82) NIL
258 Silver-Two (Bangkok) 31-12-2008 0.63 (2.26) 1.11 2.74 NIL 0.04 (0.91) NIL (0.91) NIL
259 Phraya Riverside (Bangkok)
31-12-2008 0.63 (3.10) 1.25 3.72 NIL 0.06 (0.98) NIL (0.98) NIL
Co Ltd
260 Regent Asset Finance Limited 31-12-2008 20.66 1,983.89 2,221.28 216.74 NIL 98.40 98.22 NIL 98.22 NIL
261 Princiere Resorts Limited 31-12-2008 516.40 (661.98) 4,160.45 4,306.03 NIL 2,431.15 157.22 24.88 132.34 NIL
262 Regent Land Limited 31-12-2008 98.12 NIL 98.12 NIL NIL NIL NIL NIL - NIL
263 Tahitian Resorts Limited 31-12-2008 0.00* 538.34 8,865.12 8,326.78 NIL NIL (0.29) NIL (0.29) NIL
264 Societe Nouvelle de L'Hotel
31-12-2008 4,431.76 (1,281.08) 7,785.57 4,634.89 226.99 2,562.39 (2,157.26) 18.36 (2,175.62) NIL
Bora Bora
265 Le Savoy Limited 31-12-2008 5.16 (453.15) 411.43 859.42 NIL NIL (0.29) NIL (0.29) NIL
266 Marrakech Investments Limitd 31-12-2008 0.00* 1,411.55 4,794.88 3,383.33 NIL (40.86) 611.86 NIL 611.86 NIL
267 Jackson Hole Holdings Limited 31-12-2008 0.00* (294.60) 166.50 461.10 NIL 23.54 (496.97) NIL (496.97) NIL
268 Palawan Holdings Limited 31-12-2008 0.05 (62.98) 1,973.37 2,036.30 NIL NIL (0.29) NIL (0.29) NIL

*”Rounded off to zero”

 (Rs. in lacs)
(a) (b) (c) (d) (e) (f) (g) (h) (i) (j)
Reserves
and Surplus Total Assets Details of
Total
(adjusted for (Fixed Investments Turnover
Financial Liabilities Profit (Loss) Profit
Sl. debit balance Assets + (except (including Provision Proposed
Name of the Company year ended Capital (Loans + before (Loss) After
No. in Profit & Investments in case of Other for Taxation Dividend
on Current Taxation Taxation
Loss Account +Current investments in Income)
Liabilities)
where Assets) subsidiaries)
applicable)

269 Columbo Resort Holdings N.V 31-12-2008 3.10 (19.12) 4,614.98 4,631.00 NIL 2.12 (0.71) NIL (0.71) NIL
270 Ceylon Holdings B.V. 31-12-2008 8.75 (38.29) 1,911.59 1,941.13 NIL 0.35 (4.84) 0.04 (4.88) NIL
271 NOH (Hotel) Private Limited 31-12-2008 1,494.25 (3,207.49) 3,052.30 4,765.54 NIL 403.04 (688.34) NIL (688.34) NIL
272 Serendib Holdings B.V. 31-12-2008 8.75 (32.32) 2,649.96 2,673.53 NIL 0.01 (7.55) NIL (7.55) NIL
273 Tangalle Property (Private)
31-12-2008 693.15 (3,546.94) 4,863.30 7,717.09 NIL 579.09 (839.97) NIL (839.97) NIL
Limted
274 Bhutan Hotels Limited 31-12-2008 0.00* 179.92 7,396.14 7,216.21 NIL NIL (0.29) NIL (0.29) NIL
275 Gulliver Enterprises Limited 31-12-2008 0.00* 706.91 1,133.48 426.57 NIL 816.69 238.13 NIL 238.13 NIL
276 Bhutan Resorts Private
31-12-2008 2,672.14 (4,637.92) 10,411.82 12,377.60 467.97 4,230.03 (3,154.89) NIL (3,154.89) NIL
Limited
277 Naman Consultants Limited 31-12-2008 516.40 (10,769.42) NIL 10,253.02 NIL NIL (9,719.12) NIL (9,719.12) NIL
278 Barbados Holdings Limited 31-12-2008 0.00* (2.61) 663.88 666.49 NIL NIL (0.29) NIL (0.29) NIL
279 Silverlink (Mauritius) Limited 31-12-2008 0.00* (33.38) 23,462.14 23,495.52 NIL 229.92 (5.94) NIL (5.94) NIL
280 Bodrum Development Ltd 31-12-2008 0.01 (83.03) 149.51 232.53 NIL NIL (7.69) NIL (7.69) NIL
281 Bhosphorus Investment
31-12-2008 0.01 (19.98) 1,161.13 1,181.11 NIL NIL (5.65) NIL (5.65) NIL
Limited
282 Lao Holdings ltd 31-12-2008 0.01 (0.82) 4,137.72 4,138.54 NIL NIL (0.38) NIL (0.38) NIL
283 LP Hospitality Co Ltd 31-12-2008 1,239.36 810.43 7,355.42 5,305.64 5,796.42 NIL (249.84) NIL (249.84) NIL
284 Hotel Finance International
31-12-2008 0.00* (5.84) 8.04 13.89 NIL NIL (0.29) NIL (0.29) NIL
Ltd
285 Toscano Holdings Ltd 31-12-2008 0.01 (52.74) 1,248.49 1,301.23 NIL NIL (35.37) NIL (35.37) NIL
286 ASL Management (Palau) Ltd 31-12-2008 5.16 NIL 5.16 NIL NIL NIL NIL NIL NIL NIL
* ”Rounded off to zero”
@ Amalgamation Petitions have been filed before the Hon’ble High Court of Delhi/Punjab & Haryana at Chandigarh.
Notes:
1. The Ministry of Corporate Affairs, Government of India, vide its letter no. 47/527/2009-CL-III dated 24th August, 2009 has granted exemption u/s 212(8) of the
Companies Act, 1956 from attaching the Balance Sheet, Profit & Loss Account and other documents of the subsidiary companies 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 shareholders of the
Company and of its subsidiary companies. These documents will be available for inspection at the Registered/Head Office of the Company and that of subsidiary
companies concerned.
187

2. The Accounts of Companies under Serial No 86, 197-199 & 214-286 have been prepared and Consolidated only till 31.12.2008.
3. List of Foreign Subsidiaries, name of foreign currency in which Accounts were
prepared and Exchange Rate used for converting the figures in Indian Rupees in
the Statement :
Name of Foreign
Sl. No. as
Name of Foreign Currency in
per Accounts Consolidated
Subsidiary Company which Accounts Conversion Rate
Statement up to
were prepared
201 DLF Global Hospitality Limited 31-3-2009 USD 1 USD = 51.64 Indian Rupees
202 City Icon Limited 31-3-2009 USD 1 USD = 51.64 Indian Rupees
203 Overseas Hotels Limited 31-3-2009 USD 1 USD = 51.64 Indian Rupees
204 DLF International Hospitality Corp 31-3-2009 USD 1 USD = 51.64 Indian Rupees
205 Fonton Limited 31-3-2009 USD 1 USD = 51.64 Indian Rupees
206 Argent Holdings Limited 31-3-2009 USD 1 USD = 51.64 Indian Rupees
207 Sinonet Holdings Limited 31-3-2009 Hong Kong Dollar 1 Hong Kong Dollar = 6.7322 Indian
Rupees
208 DLF International Holding Pte Limited 31-3-2009 Singapore Dollar 1 Singapore Dollar = 34.14 Indian
(formerly DLF Trust Holdings Pte. Limited) Rupees
209 DLF Trust Management Pte Limited 31-3-2009 Singapore Dollar 1 Singapore Dollar = 34.14 Indian
Rupees
210 Red Acres Development Limited 31-3-2009 USD 1 USD = 51.64 Indian Rupees
211 Universal Hospitality Limited 31-3-2009 USD 1 USD = 51.64 Indian Rupees
212 Alvernia Limited 31-3-2009 USD 1 USD = 51.64 Indian Rupees
213 DLF City Centre Limited 31-3-2009 USD 1 USD = 51.64 Indian Rupees
214 Silverlink Holdings Limited 31-12-2008 USD 1 USD = 51.64 Indian Rupees
215 Amanproducts Limited 31-12-2008 USD 1 USD = 51.64 Indian Rupees
216 Hospitality Trading Ltd 31-12-2008 USD 1 USD = 51.64 Indian Rupees
217 Hotel Sales Services Ltd 31-12-2008 USD 1 USD = 51.64 Indian Rupees
218 Puri Ltd 31-12-2008 USD 1 USD = 51.64 Indian Rupees
219 Incan Valley Holdings Ltd 31-12-2008 USD 1 USD = 51.64 Indian Rupees
220 Villajena Development Company Limited 31-12-2008 USD 1 USD = 51.64 Indian Rupees
221 Amanresorts International Pte Ltd 31-12-2008 Singapore Dollar 1 Singapore Dollar = 0.6908 USD
1 USD = 51.64 Indian Rupees
222 Jalisco Holdings Pte Ltd 31-12-2008 Singapore Dollar 1 Singapore Dollar = 0.6911 USD
1 USD = 51.64 Indian Rupees
223 Mulvey BV 31-12-2008 Euro 1Euro = 1.3974 USD
1 USD = 51.64 Indian Rupees
224 Mulvey Venice S.R.L (Fomerly known as 31-12-2008 Euro 1Euro = 1.3974 USD
Cirtus Venice S.R.L) 1 USD = 51.64 Indian Rupees
225 Aradal Company N.V. 31-12-2008 USD 1 USD = 51.64 Indian Rupees
226 Current Finance Ltd 31-12-2008 USD 1 USD = 51.64 Indian Rupees
227 Amanresorts Mangement BV 31-12-2008 USD 1 USD = 51.64 Indian Rupees
228 P.T. Amanresorts Indonesia 31-12-2008 Indonesian Rupiah 1 Indonesian Rupiah= 0.0001 USD
1 USD = 51.64 Indian Rupees
229 Hotel Sales Services Ptv Ltd 31-12-2008 USD 1 USD = 51.64 Indian Rupees
230 Amanresorts Technical Services B.V 31-12-2008 USD 1 USD = 51.64 Indian Rupees
231 Amanresorts IPR B.V 31-12-2008 USD 1 USD = 51.64 Indian Rupees
232 Amanresorts B.V. 31-12-2008 USD 1 USD = 51.64 Indian Rupees
233 P.T. Moyo Safari Abadi 31-12-2008 Indonesian Rupiah 1 Indonesian Rupiah= 0.0001 USD
1 USD = 51.64 Indian Rupees
234 P.T. Amanusa Resort Indonesia 31-12-2008 Indonesian Rupiah 1 Indonesian Rupiah= 0.0001 USD
1 USD = 51.64 Indian Rupees
235 P.T. Tirta Villa Ayu 31-12-2008 Indonesian Rupiah 1 Indonesian Rupiah= 0.0001 USD
1 USD = 51.64 Indian Rupees
236 Regional Design & Research N.V 31-12-2008 USD 1 USD = 51.64 Indian Rupees
237 Regional Design & Research B.V 31-12-2008 USD 1 USD = 51.64 Indian Rupees
238 P.T. Villa Ayu 31-12-2008 Indonesian Rupiah 1 Indonesian Rupiah= 0.0001 USD
1 USD = 51.64 Indian Rupees
239 Goyo Services Limited 31-12-2008 USD 1 USD = 51.64 Indian Rupees
240 Amankila Resorts Limited 31-12-2008 USD 1 USD = 51.64 Indian Rupees
241 P.T. Nusantara Island Resorts 31-12-2008 Indonesian Rupiah 1 Indonesian Rupiah= 0.0001 USD
1 USD = 51.64 Indian Rupees
242 P.T. Indrakila Villatama Development 31-12-2008 Indonesian Rupiah 1 Indonesian Rupiah= 0.0001 USD
1 USD = 51.64 Indian Rupees
243 Nusantara Island Resorts Limited 31-12-2008 USD 1 USD = 51.64 Indian Rupees
244 Balina Pansea Company Limitd 31-12-2008 USD 1 USD = 51.64 Indian Rupees
245 Amanresorts Limited 31-12-2008 Hong Kong Dollar 1 Hong Kong Dollar = 0.1290 USD
1 USD = 51.64 Indian Rupees
246 ARL Marketing Ltd ( formerly 31-12-2008 USD 1 USD = 51.64 Indian Rupees
Amanmalaysia)
188
 Name of Foreign
Sl. No. as
Name of Foreign Accounts Consolidated Currency in
per Conversion Rate
Subsidiary Company up to which Accounts
Statement
were prepared
247 ARL Marketing Inc. 31-12-2008 USD 1 USD = 51.64 Indian Rupees
248 Amanresorts Services Limited 31-12-2008 USD 1 USD = 51.64 Indian Rupees
249 Forerun Group Ltd 31-12-2008 USD 1 USD = 51.64 Indian Rupees
250 Andaman Holdings Ltd 31-12-2008 USD 1 USD = 51.64 Indian Rupees
251 Silverlink (Thailand) Company Limited 31-12-2008 Thai Baht 1 Thai Baht = 0.0290 USD
1 USD = 51.64 Indian Rupees
252 Andaman Development Company Limited 31-12-2008 Thai Baht 1 Thai Baht = 0.0290 USD
1 USD = 51.64 Indian Rupees
253 Andaman Resorts Co Ltd 31-12-2008 Thai Baht 1 Thai Baht = 0.0290 USD
1 USD = 51.64 Indian Rupees
254 Amancruises Company Limited 31-12-2008 Thai Baht 1 Thai Baht = 0.0290 USD
1 USD = 51.64 Indian Rupees
255 Amanrcuises (2006) Company Limited 31-12-2008 Thai Baht 1 Thai Baht = 0.0290 USD
1 USD = 51.64 Indian Rupees
256 Foregiant Agents Limited 31-12-2008 USD 1 Thai Baht = 0.0290 USD
1 USD = 51.64 Indian Rupees
257 Andaman Thai Holding Co Ltd 31-12-2008 Thai Baht 1 Thai Baht = 0.0290 USD
1 USD = 51.64 Indian Rupees
258 Silver-Two (Bangkok) 31-12-2008 Thai Baht 1 Thai Baht = 0.0290 USD
1 USD = 51.64 Indian Rupees
259 Phraya Riverside (Bangkok) Co Ltd 31-12-2008 Thai Baht 1 Thai Baht = 0.0290 USD
1 USD = 51.64 Indian Rupees
260 Regent Asset Finance Limited 31-12-2008 USD 1 USD = 51.64 Indian Rupees
261 Princiere Resorts Limited 31-12-2008 USD 1 USD = 51.64 Indian Rupees
262 Regent Land Limited 31-12-2008 USD 1 USD = 51.64 Indian Rupees
263 Tahitian Resorts Limited 31-12-2008 USD 1 USD = 51.64 Indian Rupees
264 Societe Nouvelle de L’Hotel Bora Bora 31-12-2008 CFP Franc 1 CFP Franc = 0.0117 USD
1 USD = 51.64 Indian Rupees
265 Le Savoy Limited 31-12-2008 USD 1 USD = 51.64 Indian Rupees
266 Marrakech Investments Limitd 31-12-2008 USD 1 USD = 51.64 Indian Rupees
267 Jackson Hole Holdings Limited 31-12-2008 USD 1 USD = 51.64 Indian Rupees
268 Palawan Holdings Limited 31-12-2008 USD 1 USD = 51.64 Indian Rupees
269 Columbo Resort Holdings N.V 31-12-2008 USD 1 USD = 51.64 Indian Rupees
270 Ceylon Holdings B.V. 31-12-2008 USD 1 USD = 51.64 Indian Rupees
271 NOH (Hotel) Private Limited 31-12-2008 Sri Lankan Rupee 1 Sri Lankan Rupee = 0.0089 USD
1 USD = 51.64 Indian Rupees
272 Serendib Holdings B.V. 31-12-2008 USD 1 USD = 51.64 Indian Rupees
273 Tangalle Property (Private) Limted 31-12-2008 Sri Lankan Rupee 1 Sri Lankan Rupee = 0.0089 USD
1 USD = 51.64 Indian Rupees
274 Bhutan Hotels Limited 31-12-2008 USD 1 USD = 51.64 Indian Rupees
275 Gulliver Enterprises Limited 31-12-2008 USD 1 USD = 51.64 Indian Rupees
276 Bhutan Resorts Private Limited 31-12-2008 Bhutan Ngultrum 1 Bhutan Ngultrum = 0.0205 USD
1 USD = 51.64 Indian Rupees
277 Naman Consultants Limited 31-12-2008 USD 1 USD = 51.64 Indian Rupees
278 Barbados Holdings Limited 31-12-2008 USD 1 USD = 51.64 Indian Rupees
279 Silverlink (Mauritius) Limited 31-12-2008 USD 1 USD = 51.64 Indian Rupees
280 Bodrum Development Ltd 31-12-2008 USD 1 USD = 51.64 Indian Rupees
281 Bhosphorus Investment Limited 31-12-2008 USD 1 USD = 51.64 Indian Rupees
282 Lao Holdings ltd 31-12-2008 USD 1 USD = 51.64 Indian Rupees
283 LP Hospitality Co Ltd 31-12-2008 USD 1 USD = 51.64 Indian Rupees
284 Hotel Finance International Ltd 31-12-2008 USD 1 USD = 51.64 Indian Rupees
285 Toscano Holdings Ltd 31-12-2008 USD 1 USD = 51.64 Indian Rupees
286 ASL Management (Palau) Ltd 31-12-2008 USD 1 USD = 51.64 Indian Rupees
189
Notes
190
 DLF LIMITED
Regd. Off.: Shopping Mall, 3rd Floor, Arjun Marg, Phase-I, DLF City, Gurgaon-122 002 (Haryana)

ATTENDANCE CARD
44th ANNUAL GENERAL MEETING - WEDNESDAY, 30th SEPTEMBER, 2009 AT 10.00 A.M.

DP - Client Id*/Folio No. No. of Shares held

I/We certify that I/We am/are a registered shareholder/proxy of the Company.

th
I/We hereby record my/our presence at 44 Annual General Meeting of the Company on Wednesday, September 30, 2009 at Epicentre,
Apparel House, Sector 44, Gurgaon - 122 003 (Haryana).

Name of the Shareholder/Proxy .......................………………………………………………………………………..…...…………….....................

Address of the Shareholder/Proxy …………………………………………………………………………………………………………………..……

Signature of the Shareholder/Proxy.............................……………………………………………………………………………………..................

NOTE: Shareholders/Proxies are requested to bring copy of Annual Report & Attendance Card duly filled-in and
hand over the card at the entrance of meeting venue.
* Applicable for shares held in electronic form.

Note : No Gifts/Gifts Coupons/ Refreshment Coupons will be distributed at the Meeting

...........................................................................................................................................................................................................................

DLF LIMITED
Regd. Off.: Shopping Mall, 3rd Floor, Arjun Marg, Phase-I, DLF City, Gurgaon-122 002 (Haryana)

FORM OF PROXY
44th ANNUAL GENERAL MEETING - WEDNESDAY, 30th SEPTEMBER, 2009 AT 10.00 A.M.

DP - Client Id*/Folio No. No. of Shares held

I/We................................................................................…………....................of...................…………………………………………………………………
in the district of ...................................... being a member/ members of DLF LIMITED hereby appoint ....................................................................
of ................................................................................ in the district of ............…………...................................................................................
or falling him/her, .......................................................... of ................................................in the district of ....................................

as my/our proxy to attend & vote for me/us on my/our behalf at the 44th Annual General Meeting of the Company to be held on

Wednesday, September 30, 2009 At 10.00 A.M. at Epicentre, Apparel House, Sector 44, Gurgaon - 122 003 (Haryana), or at

any adjournment thereof.

Affix
Signed this .................... day of September, 2009.
SIGNATURE Re.0.30

@ in favour of Revenue
This form is to be used the resolution. Unless otherwise instructed, the proxy will act as he/she thinks fit. Stamp
@ against
* Applicable for investors holding shares in electronic form.
@ Strike out whichever is not desired.
NOTES
1. The proxy in order to be effective should be duly stamped, completed & signed and must be deposited at the Registered Office 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.