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PROJECT REPORT
ON
FINANCIAL ANALYSIS
OF
DLF LIMITED
PRESENTED TO
Assistant Professer,
In Partial Fulfillment of the Requirements for the Managerial Accounting – I in Master of Business
Administration Programme for the Programming Year 2009-11
SUBMITTED BY
PREFACE
We are doing master in business administration so we are more believe in practical work rather than
rhetorical material. We are developing good analytical ability with this project.
The main purpose in the finance field is to know how the financial analysis is done. We all know that
finance is the blood of any business and without it no business can run. In the field of finance you always
learn something new, and if you like challenging work you should choose finance.
As we like calculative subject and challenges, we have chosen an organization that is DLF LIMITED
where we get exposure of all type of work and can learn many things. It is a india’s largest real estate
company concern which deals in the real estate company.
Financial analysis of a company is very difficult and the most important, most challenging task and we like
challenges so we have chosen the subject of financial analysis and by doing this we are able to know its
financial position and financial structure of the company.
The most important things required for analyzing the financial statements is the annual report of the
company. This annual report contains analysis of the 5 years annual reports.
Every management student should have the knowledge of practical application of the theory that he/she
learns in the classroom. So, this financial project becomes very helpful in doing so.
Acknowledgement
It was indeed a great opportunity for us to prepare this report of DLF LIMITED. It makes us aware of the
practical business environment. Here, the student gets an opportunity to learn the practical aspect of
business administration and can apply the theoretical knowledge in practice.
We would like to express our gratitude to Prof. Mr. Nikunj Patel, Prof. Mr. Sushil Mohanti, Prof.
Kalpesh Prajapati,who has given us an opportunity to prepare project report and provided us the project
guidelines and also guide us in preparing the project report.
We are also very thankful to the other teaching & non-teaching staff of the institute for extended their help;
co-operation and support which have greatly ease our work and made our report unproblematic.
At Last but not least we would like to thank all those who helped directly or indirectly for
preparation of this financial report, their efforts have not gone unnoticed.
For any company analysis is very important because by analyzing company on financial basis you are able
to know its profit & loss that you can do analysis of their current & liquidity position, not only this you are
also able to know the financial position of the company & whether to invest in to or not. You can also
know that it is a good company or loss making company.
This project report is prepared on financial analysis of DLF Ltd. This report containing in two parts: -
Introduction & Main theme of the report that is Financial Analysis.
The initial part of this report is the general information of the DLF Ltd. It contains the introduction of the
company, History, General & Corporate Information, Formal Distribution of Employee.
The second part of this report containing financial analysis of DLF Ltd It containing Ratio analysis,
Horizontal analysis, Vertical analysis, Trend analysis, Fund Flow analysis, Average analysis & their
interpretation
The horizontal analysis containing comparative profit & loss account & comparative balance sheet of Five
financial year 2004-05, 2005-06, 2006-07,2007-08, 2008-09. This part also containing various graphs of
growth & sales some based profit & loss a/c & some on balance sheet based.
The Vertical analysis containing common – size profit & loss a/c & common – size balance sheet of five
years.
The trend analysis containing various components like trends of sales, expenditure & profit, trend in funds
& liabilities, trend in assets.
The cash flow analysis containing the operating activities, investing activities & financing activities.
Content
INTRODUCTION
DLF Limited or DLF (Delhi Land and Finance) is the India’s biggest real estate developer based in New
Delhi, India. The DLF Group was founded by Chaudhury Raghuvendra Singh in 1946.[5] DLF developed
residential colonies in Delhi such as Krishna Nagar, South Extension, Greater Kailas, Kailash Colony and
Hauz Khas. In 1957, with the passage of Delhi Development Act, the government assumed the control of
real estate development activities in Delhi and the role of private real estate developers was restricted. As a
result DLF began acquiring land at relatively low cost outside the area controlled by the Delhi
Development Authority, particularly in the district of Gurgaon in the adjacent state of Haryana. In the mid-
1970s, the company started developing DLF City] project at Gurgaon.Its upcoming plans include hotels,
infrastructure and special economic zones-related development projects.[3]
The company is currently headed by Indian billionaire Kushal Pal Singh, who inherited the company from
Chaudhury. Kush Pal Singh, according to the Forbes listing of richest billionaires in 2009, now stands as
the 98th richest man in the world and the world's richest property developer. The company's US$ 2 billion
IPO in July, 2007 created India's biggest IPO in history.[4] In July 2007, DLF announced its first quarter
results ending 30 June 2007. The company reported a turnover of Rs. 3,120.98 Crore and PAT at Rs.
1,515.48 Crore.
(Company’s chairman)
Kushal Pal Singh or K.P. Singh was born on August 15, 1931, at Bulandshahar in Uttar Pradesh. Today he
presides over DLF Universal Limited, India’s largest real estate developer. It has an estimated land bank of
10,255 acres (42 km2) with about 3,000 acres (12 km²) being in prime city locations such as Delhi NCR,
Chandigarh and Kolkata
Background:-
✔ Positions held:
• President of the apex industry chamber of the country, Associated Chamber of Commerce & Industry of
India (ASSOCHAM).
• President of the PHD Chamber of Commerce and Industry.
• Director of Central Board, Reserve Bank of India (RBI).
2000
2007
Our business was founded by the late Mr. Raghvendra Singh and our
Promoter, Mr. K P Singh.
Our business has a history of over 6 decades, commencing with the
Pursuant to the order of the Delhi High Court dated 26.10.1970, Delhi
Land and Finance Private
Limited and Raisina Cold Storage and Ice Company Private Limited
Along with another group
Company, DLF Housing and Construction Private Limited, merged with
DLF United Private Limited
With effect from 30.09.1970.
Thereafter, DLF United Limited merged with our Company, then known as
American Universal Electric
(India) Limited, with effect from 1.10.1978, under a scheme of
Amalgamation sanctioned by the Delhi
High Court and the Punjab and Haryana High Court. The merged entity
Was renamed as 'DLF Universal
Electric Limited' with effect from 18.06.1980.
Universal
Limited
1981 DLF Universal Limited obtains its first license from the
State Government of Haryana and
Commences development of the 'DLF City' in Gurgaon,
Haryana
Oaks',
at DLF City, Gurgaon, Haryana
2006 DLF enters into a joint venture with WSP Group Plc. for the
Purposes of providing engineering
And design services, environmental and infrastructural
Facilities and also project management
Services.
Recent history
Until the mid-1990s, most of DLF’s (Delhi Land and Finance) operations were in Gurgaon and Delhi
metropolitan area. However, with increased assets, DLF has been trying to ramp up its operations all over
India. A major investment made by DLF was a INR 700 Crore (INR 7 billion) buyout of NTC Mill Land in
Mumbai. Some of DLF's other development initiatives include a US$ 2.1 Billion investment in Tamil Nadu[5],
a multi-billion dollar business park in Bangalore[6], a US$ 1.7 billion investment in Madhya Pradesh's real
estate and infrastructure sector[7], and a INR 10 billion investment plan for developing special economic zones
in Orissa.[8]
I NCORPORATION: 18/06/1980
Registered Address
Tel: 0124-4334200
Fax: 0124-2355581
Email: investor-relations@dlfgroup.in
Website: http://www.dlf.in
Registrars
Management - DLF
Name Designation
K P Singh Chairman / Chair Person
T C Goyal Managing Director
Kameshwar Swarup Senior Executive Director
D V Kapur Non Executive Director
M M Sabharwal Non Executive Director
B Bhushan Non Executive Director
Name Designation
S.V Institute of Management, Kadi (2009-11)
Rajiv Singh Vice Chairman
Pia Singh Whole Time Director
G S Talwar Non Executive Director
K N Memani Non Executive Director
Ravinder Narain Non Executive Director
N P Singh Non Executive Director
Auditors
Walker, Chandiok & Co. Company Status
N.A.
Laing O'Rourke operates worldwide, in Asia, Europe, the Far East and Australia and employs more than
23,000 people. Their best know projects include Terminal 5 at London Heathrow airport , a terminal at the
Dubai international airport, the Millennium Dome in the UK and a Convention Centre in Hong Kong
Hospitality
DLF's hospitality arm, DLF Hotels, has signed an LoI with Four Seasons Hotels and Resorts to operate a
proposed luxury hotel at DLF Golf Links in DLF City, Gurgaon in Delhi's southern borders. In November
2006, DLF Hotels announced its first joint venture with The Hilton Hotels to acquire and develop 50 to 75
hotels and serviced apartments throughout India.
The joint venture hotels will represent several brands from Hilton Hotels Corporation's brand portfolio,
including Hilton Hotels, Hilton Garden Inn, Homewood Suites by Hilton and Hilton Residences. The JV
Company will develop and build these properties, while Hilton will manage them.
DLF will hold 74 per cent in the joint venture company, and Hilton will hold the remaining stake as its
commitment to the venture. Over the next 5 to 7 years, Hilton has committed to invest up to $ 143 million.
The initial stage of the joint venture will involve 20 hotels in a number of key locations including, Chennai,
Kochi, Bhubaneshwar, Hyderabad, Kolkata and Delhi. Some of these hotels are planned to be Hilton Garden
Inns and Hilton Hotels. Beyond the initial 20, the JV continues to identify and acquire sites and undertake new
hotel developments.
IT Infrastructure
DLF has partnered with IBM to outsource all its IT requirements to the global IT infrastructure giant. Under
this partnership IBM will be responsible for the helpdesk services for all the DLF employees across India
towards the IT infrastructure requirements. The partnership will support the current IT requirements as well as
identify and deploy new solutions for DLF and Indian real estate industry.
At DLF joint ventures and strategic alliances are another facet of the Group's determined growth with some of
Asset Management
DLF and Prudential Financial Inc. (PFI) of US, have signed a joint venture to provide a broad array of mutual
fund and investment products, including domestic and eventually international mutual funds to Indian retail
and institutional clients. The JV has been formulated on a 61:39 shareholding pattern between PFI and DLF.
This agreement allows PFI to expand its international investments business and marks its official entry into the
Indian mutual fund market.
The following map illustrates the locations of our developments, projects and lands across India, as of
November 30, 2006:
DLF Vision
To contribute significantly to building the new India and become the world’s most valuable real estate
company.
DLF Mission
To build world-class real-estate concepts across six business lines with the highest standards of
professionalism, ethics, quality and customer service
DLF Values
• Compliance and respect for all community, environmental and legal requirements.
Key Dates
Listing Information
BSE Group A
Senses Yes
Nifty Yes
BSE-100 Yes
BSE-200 Yes
CNX Midcap No
CNX FMCG No
Listing On
Listed On The Stock Exchange, Mumbai, National Stock Exchange of India Ltd.
COMPARATIVE
BALANCESHEET &ANALYSIS OF BALANCESHEET
SOURCES OF FUNDS :-
(A)SHARE CAPITAL:-
EXHIBIT 2.1
INTERPRETATION: -The company have very high increasing in equity share capital. The company
more than 100% growth rate in Equity Share Capital.in the year 2009 it is 339.44 crore & it is 3.51
crores in 2005 in equity share capital.
EXHIBIT 2.2
INTERPRETATION: -The company is maintaining good reserves and surplus Is 380.42 crore in the year of
2005. Than company is increasing reserves in march 2008 with very high rate is 10,886.39. So company is
maintaining very high reserves.
EXHIBIT 2.3
INTERPRETATION:- Company is more using secured loan. In previously company is using more loan
money for company. In 2009 it is highest as 7,979.97.
EXHIBIT 2.4
INTERPRETATION: - Company have some unsecured loan in the year 2005 is 3.2 is very growing in 2008
is 3440.49. So company must maintain the situation and reduce unsecured loan.
EXHIBIT 2.1.1
EXHIBIT 2.1.2
INTERPRETATION: -Company’s assets are 72 in 2005 but it is increase at 1,815.53 in 2009 so it is high
increasing in assets.
EXHIBIT 2.1.3
(D) Investment :-
EXHIBIT 2.1.4
Mar- Mar-
Particulars Mar-09 Mar-08 Mar-06
07 05
1,397.2
Investments 2,956.32 1,839.83 769.17 173.82
8
EXHIBIT 2.1.5
INTERPRETATION: - Total net current assets is 370.24 in 2005 while it is increasing stage. So
company’s liquidity is very high like 15,618.55 in 2009.
CHAPTER 3
EXHIBIT 3.2
(C)PROFIT :-
EXHIBIT3.3
COMMON SIZESTATEMENT
Chart 3.2.1
2009
Chart 3.2.2
2008
Chart 3.2.3
2007
2006
Chart 3.2.5
2005
COMM
Particulars Mar-09 Mar-08 Mar-07 Mar-06 Mar-05 ON
SIZE
100.00 100.00 100.00 100.00 100.00
Net Sales % % % % %
Total Expenditure 39.27% 44.58% 38.93% 65.39% 78.45%
Operating Profit (Excl OI) 60.73% 55.42% 61.07% 34.61% 21.55%
Profit Before Taxation &
Exceptional Items 64.04% 56.33% 54.46% 35.16% 21.94%
Provision for Tax 9.23% 9.82% 18.84% 12.06% 6.61%
Profit After Tax 54.81% 46.51% 35.62% 23.09% 15.33%
ANALYSIS PROFIT & LOSS
Chart 3.2.2
Chart 3.2.3
Chart 3.2.4
Operating income
CHAPTER 5
TREND ANALYSIS
(A)Total income :-
Particular
Mar-05 Mar-06 Mar-07 Mar-08 Mar-09
s
(B)Operating profit :-
Particular
Mar-05 Mar-06 Mar-07 Mar-08 Mar-09
s
Operating
100.00 360.04 731.20 3224.19 1805.15
Profit
% % % % %
(Excl OI)
(C)Net profit :-
Particular
Mar-09 Mar-08 Mar-07 Mar-06 Mar-05
s
Profit 100.00 337.55 599.36 3802.66 2289.31
After Tax % % % % %
Mar-
Particulars Mar-06 Mar-07 Mar-08 Mar-09
05
SOURCES OF 100.00 1076.07 8714.53 9670.66
FUNDS: % % % 9713.96% %
Share Capital 0.00% 0.00% 0.00% 0.00% 0.00%
Share Warrants & 100.00 159.60 3142.77
Outstandings % % 91.19% 2861.68% %
100.00 167.98 3223.20
Total Reserves % % 170.03% 2935.21% %
100.00 477.81 1266.36
Shareholder's Funds % % 990.69% 784.88% %
100.00 101.36 17846.78 116626.78 55423.73
Secured Loans % % % % %
100.00 476.06 1069.23 1518.71
Unsecured Loans % % % 1324.66% %
100.00 359.76 2162.16
Total Debts % % 729.78% 1932.64% %
Total Liabilities
APPLICATION OF 100.00 110.23 1992.31
FUNDS : % % 370.02% 1552.35% %
100.00 109.18
Gross Block % % 138.15% 221.50% 570.62%
Less: Accumulated
Depreciation 0.00% 0.00% 0.00% 0.00% 0.00%
Less: Impairment of 100.00 110.65 2521.57
Assets % % 456.35% 2047.74% %
Net Block 0.00% 0.00% 0.00% 0.00% 0.00%
100.00 112.32
Lease Adjustment A/c % % 163.55% 438.18% 407.68%
Capital Work in
Progress 0.00% 0.00% 0.00% 0.00% 0.00%
Pre-operative Expenses
pending 0.00% 0.00% 0.00% 0.00% 0.00%
Assets in transit 100.00 803.87 442.51% 1058.47% 1700.79
Mar-
Particulars Mar-09 Mar-08 Mar-07 Mar-06
05
6,242.8 3,010.9
Secured Loans 7,979.97 4,945.91 630.15
2 3
HORIZONTAL ANALYSIS
Financial statements present comparative uniformities for the current year and the previous year. A simple
approach to financial statement analysis, known as horizontal analysis is to calculate amount changes &
percentage changes from the previous year to the current year.
COMPARATIVE PROFIT & LOSS ACCOUNT OF DLF LTD FOR THE YEAR ENDED
31st March 2005-06
Total
income 5,534.71 2,827.90 -2,706.81 -48.90608541
Total
expense 2,467.23 1,110.48 -1,356.75 -54.99081966
PBDITA 3,591.25 2,734.80 -856.45 -23.84824226
PBDTA 3,143.61 1,924.94 -1,218.67 -38.76657728
PBT 3,117.92 1,810.87 -1,307.05 -41.92057526
PAT 2,574.40 1,549.86 -1,024.54 -39.79723431
INTERPRETATION:-
CHAPTER 7
RATIO ANALYSIS
The relationship of one item to another expressed in a simple mathematical form is known as the “RATIO”. A
ratio is a quotient to two numbers. It must be interpreted against some standard. In assessing the financial
stability of a firm, a management should, part form profitability, be interested in relative figures. A ratio is of
major importance for financial analysis; it engages qualitative measurement & shows precisely how adequate
is one key item in relation to another. To evaluate the financial condition & the purpose of the firm the
1. Probability.
2. Liquidity.
3. Efficiency.
4. Inter – Firm Comparison.
5. Indicates Trend.
6. Useful of Budgetary Controls.
7. Useful for Decision Making.
1. Profitability Ratios.
2. Liquidity Ratios.
3. Assets Turnover Ratios.
4. Finance Structure Ratios.
5. Valuation Ratios.
Profitability ratio measures the degree of operating success of a company in an accounting period. Two types
of profitability ratios are there.
A profit margin ratio shows the relationship between profit & sales. Three popular profits margin ratios are:
It shows the margin left after meeting manufacturing costs. It measures the efficiency of production as well as
pricing.
It is most significant of all revenue ratios as it indicates the ultimate profitability of the firm. This ratio is
useful to the shareholders for knowing the EPS and to investors in judging the prospects of return on their
investments higher ratio indicated higher profitability.
Mar- Mar-
Particulars Mar-09 Mar-08 Mar-07
06 05
5,534.7 1,139.1
Net Sales 2,827.90 1 4 989.62 441.58
3,591.2
Operating Profit 2,734.80 5 986.02 497.95 133.35
Operating Profit
ratio 96.71 64.89 86.56 50.32 30.20
This is measure of profitability from a given level of investments. It is an excellent indicator of overall
performance of a company. It is also called return on capital employed or return on investment. It measures
how efficiently the capital is employed.
Earning Power:
The earning power is a measure of business performance, which is not affected by Interest & Tax. It is
measure of operating profitability.
Earning Power = Earning before Profit & Tax / Average Total Assets x 100.
➢ The Earning Power of the company has been increased to 9.7744%in year 2008–2009 from 5.5182%in
year 2004–2005
➢ This is because the increase in earning before interest & tax (EBIT) is more than increase in average
total assets.
➢ In 2005 – 2006 the EBIT is increased by 14.5078% while PBT is increased by 9.7744%because interest
& tax is less.
➢ In year 2006 – 2007 EBIT increased by 9.9040% while PBT is increased by 620.33 because interest &
tax is only by 13%.
Liquidity is the ability of a company to meet its short-term obligations when fall due. A company should have
enough cash % other current assets, which can be converted in to cash so that it can pay its suppliers & lenders
on time.
• Current Ratio.
• Quick Ratio or Acid-test Ratio.
• Net Working Capital.
• Cash Generated Per Rupee of Sales.
• Bank Finance Gap Ratio.
• Current Ratio:
➢ Composition of current ratio is very important at the time of interpretation. Current ratio indicates the
sound short term finance from the creditor’s point of view. But on the other hand the higher ratio
indicates blocking of funds in current assets. As a conventional rule, current ratio of 2:1 or more is
considered satisfactory. To through more light on the quality of current assets the percentage of the
current assets is to be calculated.
➢ However, an arbitrary standard of 2:1 should not be blindly followed. Firm’s wit less then 2:1 current
ratios may be doing well, while firms with 2:1 or even higher may be finding great difficulties in
paying their bills. This is because the current ratio is a test of quantity not quality.
➢ Current Ratio is 1.13 in 2004 – 2005 & decreased up to 2.59 in 2006 – 2007 because current liabilities
increased rapid than the increase in current assets.
➢ In the Current ratio it has been found decreasing than the base year, so it is not a favorable sign for the
company, it should take certain measure to increased.
The Quick Ratio is a more absolute test of a firm’s ability to meet its immediate liabilities. It base on those
current assets, which are highly liquid inventories, is excluded from the numerators of this ratio because
inventories are deemed to be the least liquid component of current assets.
Quick Ratio = Quick Assets / Liquid Liability.
This ratio represents that part of the long-term fund represented by the net worth & long-term dept, which are
permanently blocked in current assets. Certain minimum level of safety stock, permanent customers unpaid
bills, compensatory minimum bank balance & minimum cash balance are the example of permanent working
capital.
Bank Finance Gap Ratio = Total Current Assets – MPBF under Tandon Committee
MPBF indicates maximum permissible bank finance under tandon committee recommendations of 1975. The
maximum permissible bank finance was restricted to 75% of the working capital gap under three successive
methods of bank leading.
18,711.7 18,341.5
Total Current Assets 8 8 9,438.45 3,088.43 1,707.76
Current Liabilities 1,634.58 2,497.90 3,035.63 1,187.94 1,278.90
17,077.2 15,843.6
CA-CL 0 8 6,402.82 1,900.49 428.86
4802.11 1425.367
75%(CA-CL) 12807.9 11882.76 5 5 321.645
Method 2:
DU PONT CHART
Profit margin & assets turnover are the two drivers of return on assets. The Du Pont System of financial
analysis clearly brings out the effects of these two drivers on return on assets. A system is useful for analysis,
which considers important inter relationship based on information found in financial statements.
Any decision affecting the product price per unit costs, volume or efficiency has an impact on the profit
margin or turnover ratios. Similarly any decision affecting the amount & ratio of debt or equity used will affect
the financial structure & the overall cost of capital of a company. Therefore, these financial concepts are very
important to evaluate as every business is competing for Limited Capital Resources. Understanding the inter
relationship among the various ratios such as turnover ratio, average & probability ratios helps companies to
put their money areas where the risk adjusted return is the maximum.
The chart used by “Du Pont Company” of U.S.A is known as Du Pont Chart.
This is the Du Pont Chart applied to DLF Ltd. At the left of the Du Pont Chart is the return on the assets
defined as the product of the Net Profit Margin & the Total Assets Turnover Ratio.
Net Profit Total Assets = Net Profit / Sales X Net Sales / Avg. Total Assets.
1. The balance sheet figures are showing the declining trend since last few years. It should be the reason for
higher inventory level which unnecessary blocked the money. For higher the profitability ratio of the firm,
it is required to increase the sales along with:
➢ New advertising techniques through latest media which are more effective and prestigious.
➢ To increase the work efficiency of the workers as well as of the staff members, arrangement of
different training programmes like meetings, seminars, conferences, coaching classes etc. is
required.
➢ For the innovation of new market, select capable market representatives who are more efficient to
recover the more market share.
➢ Try to maintain the quality level as per the market demand which satisfies the customers more.
2. In order to increase the profit the firm should keep proper control over the expenses retaliating to the
purchase of goods, manufacturing and lab ours for that, proper supervision and timely comparison of actual
with budgeted overheads should be taken. This will help the management to know the causes and taking
competitive actions to reduce the expenses.
In order to reduce the expenses relating to payment of interest, the firm should rely more on its share
capital rather than borrowing loans and funds. Firm should also try to maintain proper balance between
debt and equity.
➢ Try to reduce the debt collection period which should be main sources for working capital.
➢ Use more credit facility which is given by the creditors.
➢ Firm should also use more short term loans to recover the working capital requirement because the
interest rate for short term loans is less and it should be flexible to use.
1. In order to maximize wealth under uncertainty, the firm must pay enough dividends to satisfy investors. It
should help to increase the moral of the investors and side by side also helps in long term financial strength
of the firm. So, by increasing profits, the firm should pay dividends regularly.
CONCLUSION
We are making the financial analysis from its techniques that we are concluding as follows:
Horizontal Analysis:
DLF Ltd has made good growth in last five years in sales as well as profit. Here growth in sales is increasing
every year against that expenditure has also increased but lower than sales. In 2006-07, the Company’s exports
grew by 23% with the sale of 6,025 vehicles. This improvement was derived from demand in the export
markets and the launch of new products. This is the reason the sale & profit has increased compare to last
years i.e. 2005-06
Vertical Analysis:
Trend Analysis:
It shows good trend in sales & profit but as above said, expenditure also rising that depends the profit of the
company. Reserve & Surplus also shows good trend.
Cash Flow
In Cash Flow Analysis all the activities i.e. operating, investing, financing maintain this year (2006 – 2007).
Ratio Analysis:
We are discussing about mainly 5 kinds of ratio. All the ratios performs very well in last five years that gives
better profitability & liquidity position to the company.
DLF Limited is confident that it can meet the challenges passed by the deregulation scenario with its strength
in refining. Its strategic scenario with its strength in refining its strategic alliance with DLF Limited marketing
and in house productivity improvement, profitability maximization and cost reduction exercises, which have
already been launched in right earnest. These measures would place the company in a position of comfort to
meet the real challenges of the future and we also wish them “Best of Luck” for their bright future. So that
DLF Limited will be a world clean Automotive Company. Now a day, key customer rates company among the
top 5 companies. At last, company is financial healthy.
1. Narayanaswamy R.: “Financial Accounting “, 2nd Edition, Prentice Hall Publication (India), 2007.
2. “Advance Accounting ”, ICAI MODULE, 2006.
WEB LINKS
• http://www.dlf.in/jsp
• http://www.moneycontrol.con
• http://www.wikipedia.com/mediakit.jsp
• http://WWW.KOTAKSECURITIES.COM/JSP