DLF POWER LIMITED          
            
 BALANCE SHEET AS AT MARCH  31,2004          
             
   Schedule    As at    As at
       March 31,2004    March 31,2003
         Rs.in lacs    Rs.in lacs
 SOURCES OF FUNDS          
 Shareholders' funds          
      Share capital                               1                       6,932.00                       6,932.00
      Reserves and surplus                               2                       7,445.55                       6,799.66
        ------------     -----------
                       14,377.55                     13,731.66
       ------------     -----------
 Loan funds                               3        
      Secured                              79.96                     26,740.20
      Unsecured                      29,129.03                       2,365.00
       ------------     -----------
                       29,208.99                     29,105.20
       ------------     -----------
 Deferred tax liability                                6.71                               3.44
       ==========    ==========
       TOTAL                      43,593.25                     42,840.30
       ==========    ==========
 APPLICATION OF FUNDS          
 Fixed assets                               4        
       Gross block                      28,495.55                     28,752.07
       Less: Depreciation                         8,293.97                       6,478.13
       ------------     -----------
       Net block                      20,201.58                     22,273.94
       Capital work in progress (including          
       capital advances)                               35.58                             37.42
        ------------     -----------
                        20,237.16                     22,311.36
 Current assets, Loans and advances                               5        
       Inventories                            574.11                          819.73
       Sundry debtors                      23,756.73                     19,944.10
       Cash and bank balances                            550.39                          498.55
       Loans and advances                         1,008.25                       3,737.46
       ------------     -----------
                       25,889.48                     24,999.84
           
 Less: Current liabilities and Provisions                               6        
       Current liabilities                         2,404.75                       4,192.75
        Provisions                            128.64                          278.15
           
       ------------     -----------
                          2,533.39                       4,470.90
       ------------     -----------
       Net current assets                      23,356.09                     20,528.94
           
                                       -      
 Miscellaneous expenditure                               7                                   -                                     -  
 (To the extent not written off or adjusted)      ------------     -----------
       TOTAL                      43,593.25                     42,840.30
       ========    ========
 Significant Accounting Policies  &                             11                                   -       
  Notes to Accounts            
           
 Per our report attached           
 For S.S.KOTHARI METHA & Co.           
 Chartered Accountants          
           
           
 ARUN K TULSIAN  R.S.CHEEMA    C.P.POONACHA     
 Partner  Managing Director  Director(F& C)     
           
           
   DEEPAK SAWHNY   RAJENDRA CHOPRA  
 Place: New Delhi  Sr.General Manager (F)  Company Secretary   
 Date: