dlf DLF stands for Delhi Lease & Finance.

DLF Limited is the largest commercial real estate developer in India. It was founded by Raghuvendra Singh in 1946 and is based in New Delhi, India. DLF developed residential colonies in Delhi such as Shivaji Park (their first development), Rajouri Garden, Krishna Nagar, South Extension, Greater Kailash, Kailash Colony, and Hauz Khas. DLF builds residential, office, and retail properties. With the passage of Delhi Development Act in 1957, the local government assumed control of real estate development in Delhi and banned private real estate developers. As a result DLF began acquiring land at relatively low cost outside the area controlled by the Delhi Development Authority, in the district of Gurgaon, in the adjacent state of Haryana. In the mid-1970s, the company started developing their DLF City project at Gurgaon. Its plans include hotels, infrastructure and special economic zones-related development projects. The company is headed by Indian billionaire Kushal Pal Singh. Kushal Pal Singh, according to the Forbes listing of richest billionaires in 2009, was the 98th richest man in the world and the world's richest property developer. The company's US$ 2 billion IPO in July, 2007 was India's biggest IPO in history. In its first quarter results for the period ending 30 June 2007, the company reported a turnover of Rs. 3,120.98 Crore and profits after taxes of Rs. 1,515.48 Crore. In the early 1940 to 1950s, Raghuvendra Singh with Makhan Lal Jain, who was Managing Director Of Delhi Land and Finance Housing and Construction Private Ltd at that time, procured real estate around Delhi. The wealth generated was multiplied over the decades through investments like Punjabi Bagh, Rajouri Garden, Krishna Nagar, South Extension, Greater Kailash 1 & 2, Kailash Colony, Hauz Khas, and Panchsheel. In the 1970s and 1980s DLF purchased 3,000 acres (1,214 ha) of land from farmers in Gurgaon for $2000 per acre. At that time, the Haryana government did not allow private companies to develop the land. Years later, when Rajiv Gandhi became Prime Minister, he ensured that the Haryana Government changed the local law and allowed private companies to develop land. Gurgaon underwent a private real estate boom which is continuing to this day. The boom includes world-class office buildings, apartments, golf courses, shopping malls, 5-star hotels and a private expressway linking Gurgaon to Delhi Airport.

In 1985, DLF started developing the 3,000 acres it had acquired from farmers. In 1999, DLF developed its first A-grade office spaces for rent in Gurgaon. Until the mid-1990s, most of DLF's operations were in Gurgaon and the Delhi metropolitan area. With its increased assets, DLF has been trying to increase 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, a multi-billion dollar business park in Bangalore, a US$ 1.7 billion investment in Madhya Pradesh's real estate and infrastructure sector, and a INR 10 billion investment plan for developing special economic zones in Orissa. Laing O'Rourke is a UK-based construction company that built Dubai International Airport and London's Millennium Tower. It will construct all DLF's landmark projects. Nakheel of Dubai are partnering with DLF for developing townships in India. WSP Group Plc is also partnering DLF, providing management and consultancy to the built and natural environment. Feedback Ventures is providing consultancy for faster project execution. DLF has also teamed up with Hilton Hotels to jointly develop hotels in India. DLF is currently sponsoring Indian Premier League (IPL), a Twenty20 format cricket league in India. DLF Group has paid US $40 million to be the title sponsor of the tournament for 5 years.

Jp associates

The Jaypee Group is an Indian conglomerate based in Noida, India. It was founded by Jaiprakash Gaur which is involved in well diversified infrastructure conglomerate with business interests in Engineering & Construction, Power, Cement, Real Estate, Hospitality, Expressways, Sports & Education (not-for-profit). Jaiprakash Gaur, Founder Chairman of Jaiprakash Associates Limited after acquiring a Diploma in Civil Engineering in 1950 from the University of Roorkee (now Indian Institute of Technology Roorkee), had a stint with Govt. of U.P. and branched off on his own, to start as a civil contractor in 1958, group is the 3rd largest cement producer in the country. The groups cement facilities are located today all over India in 10 states, with 18 plants

having an aggregate cement production capacity of 24 Million Tonnes and same is poised to become 36 Million Tonnes before October 2011. Jaypee is India's third largest cement producer, the largest private sector hydropower company with 1,700 MW in operation. JIL, the group flagship, has an engineering and construction wing which mostly supports Jaypee projects. It also has the largest land bank in India's National Capital Region (New Delhi). Jaypee has four thermal power plants totalling 5,120 MW under construction, and these are slated to go on stream by December 2014. The group's major project accomplishments in India include: Sardar Sarovar over the Narmada in Gujarat, the largest concrete dam in the country; Tehri over the Bhagirathi in Uttarakhand, the largest rockfill dam; Nathpa-Jhakri in Himachal Pradesh, the largest underground powerhouse; Indira-Sagar in Madhya Pradesh, the second-largest surface powerhouse. The Group has successfully completed projects in 18 states of India, and in Bhutan. Jaypee is the engineering and construction company for India's Yamuna Expressway, expected to open by December 31, 2011, over a year ahead of schedule. Jaypee Greens, the real estate division of the Jaypee Group has been creating lifestyle experiences from building premium golf-centric residences to building mega townships and self sustained mega cities since its inception in the year 2000. Jaypee Greens, Greater Noida is a maiden real estate project of the Jaypee Group and it has undeniably established its position amongst the finest developers in Asia with having been awarded the highest possible accolade in the international property arena. It is a premium 452acre golf-centric lifestyle real estate development situated in Greater Noida integrating homes with golf course, landscaped emerald spaces, resort living and commercial developments. The project is created to offer a lifestyle at par with world-class residential spaces. India's first 'Wish Town' at Jaypee Greens, Noida has been developed as a diverse, progressive, vital community spread over 1162 acres that combines sophisticated living with pure natural surroundings. A picturesque community with numerous golf facilities, mixed with world class residences, recreational areas, commercial and institution spaces. It offers excellent education facilities, international standard health care facilities, recreational and entertainment centers, various art and cultural galleries, museums, spiritual centers, hotels, multiple shopping complexes, corporate offices, IT parks and public services.

With Jaypee Greens Sports City, the company is working with a vision to create one of the world's premier sports destinations, in sync with the vision to craft Indias foremost sporting world with top of the line infrastructure. Conceptualized as an integrated city, where one gets everything that he dreams of in his neighborhood, it includes world-class sports venues with latest facilities, a proposed calendar of international sporting events - providing a platform. Built on 2,500 acres of land within the sports development zone, Jaypee Sports City will feature a magnificent long motor racing track- first time ever in the country, a of dedicated cricket stadium with 100,000-seat capacity and other sports facilities.

Unitech

Established in 1972, Unitech is today a leading real estate developer in India. Known for the quality of its products, it is the first developer to have been certified ISO 9001:2000 in North India and offers the most diversified product mix comprising residential, commercial/IT parks, retail, hotels, amusement parks and SEZs. The well-recognised brand was yet again conferred with the title of "Superbrand" by Superbrands India in 2009. The Company is also the recipient of the CW Architect and Builders Award, 2008 for being one of India's Top Ten Builders. Unitech has long partnered with internationally acclaimed architects and design consultants including SOM (USA), BDP (UK), Maunsell AECOM (HK), MEA Systra (France), Callison Inc. (USA), FORREC (Canada), SWA and HOK (USA) for various projects. It has an enviable clientele for commercial projects including Fidelity, McKinsey, Bank of America, Ford Motors, Nike, EDS, Hewitt, Amdocs, Ernst & Young, Reebok, Keane, Seagrams, Perfetti, Exxon Mobil and AT Kearney. Unitech Scrip is one of the most liquid stocks in the Indian stock markets and was the first real estate company to be part of the National Stock Exchange's NIFTY 50 Index. The company has over 600,000 shareholders. Recently the Company has ventured into the infrastructure business by launching Unitech Infra, thus leveraging its decades of experience and expertise in real estate.

Unitech is known for the quality of its products and is the first real estate developer to have been certified ISO 9001:2000 certificate in North India.

The Unitech brand is well recognised in India and was once again conferred with the title of Superbrand by Superbrand India in 2010.

The Company is the recipient of the CW Architect and Builders Award, 2008 for being one of India's Top Ten Builders.

Unitech scrip is one of the most liquid stocks in the Indian stock markets and was the first real estate company to be part of the National Stock Exchange's NIFTY 50 Index.

Godrej properties

Godrej Properties brings the Godrej Group philosophy of innovation and excellence to the real estate industry. The company is currently developing landmark projects in 12 cities across India. Established in 1990, Godrej Properties Limited is the first real estate company to have ISO certification. With projects that span across the country, the company's upcoming development covers 74 million square feet. To create landmark structures, Godrej Properties collaborates with outstanding associates and reputed names. The company aims to deliver superior value to all stakeholders through extraordinary and imaginative spaces created out of deep customer focus and insight. Godrej Properties has been voted amongst 'Most Trusted Names' and 'India's Best Marketed Company, 2011' in the Real Estate sector by 4Ps-ICMR survey. Planet Godrej received 'Mumbai - 7 Star Rating' by Crisil. This is the highest rating awarded to a project based on several stringent project specific parameters like construction quality, legal quality, financial quality and innovativeness. Godrej Properties was awarded the 'Best Business Practices, 2009 & 2010' award by Accommodation Times. Planet Godrej won the 'Brihanmumbai Mahanagarpalika & Tree Authority Udyan, 2010' award for the best podium garden.

Planet Godrej (Tower 1 to 4) declared as the winner in the "Best Residential Project in Western India" category at the CNBC AWAAZ CRISIL CREDAI Real Estate Awards 09.

Godrej Properties was ranked No.1 in the construction and real estate industry in 'India's Best Companies To Work For, 2009' survey, conducted by 'The Economic Times' and 'Great Place To Work Institute'

Godrej Properties was awarded 'Corporate Governance of the Year, 2008' by Accommodation Times

Godrej Properties featured among the top ten construction companies in India for four consecutive years 2006, 2007, 2008 & 2009 according to a study conducted by 'Construction World'

Planet Godrej was awarded 'Project of the Year - Mumbai' for the year 2007 by the Accommodation Times

Planet Godrej was also awarded the 'Pinnacle Award, 2006' by ZEE Business for being the best upcoming real estate project in India

Hdil

HDIL is a listed real estate development company in India, with significant operations in the Mumbai Metropolitan Region. HDIL's business focuses on Real Estate Development, including construction and development of residential projects and, more recently, commercial and retail projects, Slum Rehabilitation and Development, including clearing slum land and rehousing slum dwellers, and Land Development, including development of infrastructure on land which the company then sells to other property developers. HDIL has an integrated in-house development team which covers all opment from project identification and inception through construction to completion and sale. Since incorporation in 1996, HDIL has developed 23 projects covering approximately 19,290,000 square feet (1,792,000 m2) of saleable area, including approximately 12,730,000

square feet (1,183,000 m2) of land sold to other builders after Land Development, primarily in the Mumbai Metropolitan Region. HDIL also have constructed an additional 1,900,000 square feet (180,000 m2) of rehabilitation housing area under slum rehabilitation schemes. HDIL's residential projects generally comprise groups of apartments, towers or larger multipurpose township projects in which individual housing units are sold to customers. The commercial projects are a mix of office space and multiplex cinemas. The retail projects focus on shopping malls. They usually follow a build and sell model for the properties they develop. HDIL also undertakes slum rehabilitation projects under a Government scheme administered by the Slum Rehabilitation Authority (SRA), whereby developers are granted development rights in exchange for clearing and redeveloping slum lands, including providing replacement housing for the dislocated slum dwellers. The company has also bagged the prestigious Mumbai Airport Slum Rehabilitation Project to rehabilitate the slum dwellers located on 276 acres (1.12 km2) of Mumbai Airport land. Although historically HDIL has focused on real estate development in the Mumbai Metropolitan Region, as part of their growth strategy they are considering projects in other locations, including Kochi and Hyderabad. They also are considering expanding into hotel projects, special economic zone(SEZ) developments and mega-structure complexes, which are large-scale mixed-use retail, commercial and residential developments. HDIL's total land reserves comprise approximately 124,800,000 square feet (11,590,000 m2) of saleable area to be developed through 35 Ongoing or Planned projects. HDIL is part of the Wadhawan Group which has been involved in real estate development in the Mumbai Metropolitan Region for almost three decades. As of December 31, 2006, the Wadhawan Group has developed approximately 62,100,000 square feet (5,770,000 m2) of saleable area and, additionally, has constructed approximately 16,300,000 square feet (1,510,000 m2) of rehabilitation housing area under slum rehabilitation schemes. HDIL's promoters are Rakesh Kumar Wadhawan and Sarang Wadhawan. Sarang Wadhawan is the Managing Director of HDIL. HDIL's turnover from sales of projects, developed land and land development rights for the financial years ended March 31, 2008, 2007, 2006 were Rs. 23803.7 million, Rs. 12040 million,

Rs. 4,348.6 million, respectively, and the restated profit after tax for financial years ended March 31, 2008, 2007 and 2006 were Rs. 14098.4 million, Rs. 5430 million and Rs. 1,172.9 million respectively. HDIL launched an IPO in July 2007 and is currently listed on the Bombay Stock Exchange (BSE) and the National Stock Exchange (NSE).

Literature survey

Financial ratios are widely used by academic researchers, financial analysts, lenders, and small business managers. Most commonly, researchers use ratios as predictor variables in models that forecast business distress and failure. Other common applications include trend analysis studies of individual firm performance and cross-sectional studies that compare individual firm ratios against average industry ratios. These average industry ratios are usually reported for different size firms in each industry, under the assumption that ratios are different for firms of different sizes.

The working capital approach to liquidity management has long been the prominent technique used to plan and control liquidity. The working capital includes all the items shown on a company's balance sheet as short-term or current assets, while net working capital excludes current liabilities. This measure is considered a useful tool in accessing the availability of funds to meet current operations of companies. However, instead of using working capital as a measure of liquidity, many analysts advocate the use of current and quick ratios, which have the advantage of making temporal or cross sectional comparison possible.

Working capital represents a safety cushion for providers of short-term funds of the company, and as such they view positively the availability of excessive levels of working capital and cash. However, from an operating point of view, working capital has

increasingly been looked at as a restraint on financial performance, since these assets do not contribute to return on equity. Furthermore, liquidity management is important in good times and it takes further importance in troubled times. The efficient management of the broader measure of liquidity, working capital, and its narrower measure, cash, are both important for a company's profitability and well being. In the words of Fraser (1998) "there may be no more financial discipline that is more important, more misunderstood, and more often overlooked than cash management." However, as argued vividly by Nicholas (1991,) companies usually do not think about improving liquidity management before reaching crisis conditions or becoming on the verge of bankruptcy. The subsequent and more practical approaches to liquidity management focused on working capital requirements and levels of desired liquidity as measured by current ratio and its variants. The finance textbooks and literature covered the techniques and approaches aimed at managing working capital and its individual components. Again most of these approaches attempt to develop an optimal level of working capital components under certain assumptions, albeit less restrictive than their earlier counterparts used to facilitate development of cash management techniques. These shortcomings of working capital and liquidity ratios have led researchers and analysts to advocate other measures of liquidity that are more indicative of cash availability. The net cash conversion cycle, or the cash gap has been suggested by many as a possible supplement or replacement to the working capital and current ratios as measures of available liquidity.